CandleFocus BNB Price Faces 12% Potential Decline Amid Strong Downtrend
2024-10-03
Author: Content Editor
The price of BNB has dropped by 8.72% in the past week, indicating a significant downturn for the coin. Technical indicators suggest further potential downside, with key levels of support and resistance becoming crucial. The ADX, which measures trend strength, currently points to a strong downtrend for BNB. The Ichimoku Cloud also shows signs of weakness, with BNB trading below the cloud and encountering resistance. The short-term EMA lines have formed a death cross, reinforcing the bearish momentum. BNB is currently testing a support level at $527, and if it fails to hold, further declines to $471 are possible. However, a reversal could lead to resistance levels at $562 and $598.
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