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Binance BNB Faces $700 Support Test, Bears Threaten $684 Low

Author: Content Editor
The article discusses the current bearish trend in the crypto market and specifically mentions the potential decline of Binance Coin (BNB) below $700, which is a key psychological support level. The BNB price initially showed a bullish breakout from a triangle pattern but quickly lost momentum due to market correction, resulting in a shift to a bearish trend. The article highlights that the BNB price is now testing the 38.20% Fibonacci level and the MACD and signal lines have crossed into bearish territory. However, there is a slight possibility of a bullish recovery indicated by the 4-hour RSI, although overall technical indicators suggest a sell signal. The article mentions that if there is a post-retest reversal, the BNB price could reclaim the 50% Fibonacci level at $722 and potentially target the 78.60% Fibonacci level at $763.40. On the bearish side, the critical support level below $700 is at $684.

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