BNB Price Analysis: Bounces Back from $500 But the Bears Are Still in Charge

Joining the latest dump, BNB also lost over 20% of its value today and tested a key price level with a sharp rejection.

BNB price analysis for today, August 11, 2023, reveals that the world’s fifth-largest cryptocurrency by market capitalization has lost over 20% of its value. BNB is now testing a key price level with a sharp rejection. It has recovered well from its current low in the past hours but still looks highly bearish on the day.

After losing steam two months back, BNB remained in a bullish zone and stayed well above the $600 level. Unfortunately, things got out of control in the last 72 hours due to high supply and the asset collapsed.

After the $500 level contained the pressure, it held as support and the price bounced back with a long-wicked rejection. This indicates a strong bullish interception but the asset remains very weak on a daily scale.

That bounce has brought a little relief in the past few hours and the price is now floating well above $570. Currently, the bulls are trying to retake the immediate lost level. If they succeed, we may see a fresh buy. The key breakpoint to consider for such an increase is $800.

Meanwhile, it is important to note that the bears are still in charge. If they mount pressure again, the price may roll back to the current holding support. A break below it may cause a bigger loss in the market.

Notwithstanding, there’s still hope for a major recovery as the bullish trajectory remains intact on the long-term scale. It may invalidate if the price drops below the 2024 low in the next selling phase. For now, BNB is under the bears’ radar from a short-term perspective.

BNB Key Level To Watch

The immediate barrier for recovery is $593, followed by $618.7. Higher resistance levels to watch are $660 and $700 for a bigger recovery.

For further bearish move, BNB will have to retake $544, $525 and most importantly the daily $500 low. A drop off this low should trigger a bigger loss.

Key Resistance Levels: $593, $618.7, $660

Key Support Levels: $544, $525, $500

The above statement is not financial advice and should be treated as such.