CandleFocus

BNB Rejection At Key Level Hints At A Potential Price Correction

Author: Content Editor
The crypto asset BNB has faced a significant rejection at a critical resistance level, raising concerns about a potential price correction. The rejection indicates that selling pressure may be increasing as bears step in. The analysis examines BNB's recent rejection, market trends, technical indicators, and trading volumes to assess the possibility of a correction and its implications for traders. The price has turned bearish on the 4-hour chart, signaling a shift in market sentiment as bulls struggle to maintain upward momentum. The RSI indicates weakening bullish momentum, and a bearish candlestick formation on the daily chart suggests negative momentum despite trading above the 100-day SMA. The RSI on the 1-day chart reflects strong optimistic sentiment, but the recent drop indicates slowing upward momentum. The critical support zone to watch is around $531, and a break below this level could lead to a deeper bearish move. However, if the bulls push the price above $605, it could continue its upward movement toward the next resistance range at $635.

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