Brothers, pay attention! The price of BNB has just fallen below the $650 mark.
As of now, the price of BNB/USDT is $649.89. Although it has only dropped by 0.03% in the past 5 minutes, this seemingly small decline could be just the prelude to a storm in the ever-changing world of cryptocurrency.
Friends who have been following the crypto space know that the price movement of BNB has always stirred the hearts of countless investors. Recently, it has shown signs of struggle above the $720 level and has since started a downward correction. Now that it has fallen below the $650 support area, the situation does not look optimistic.
From a technical perspective, not only is the price declining, but it has also fallen below the 100-hour simple moving average. Moreover, a key bearish trend line has formed on the hourly chart of BNB/USD, with resistance at $650. It's like a sword of Damocles hanging over the price of BNB.
If the subsequent closing price falls below the $600 support level, BNB is likely to gain stronger bearish momentum, with a significant risk of further declines. Of course, the market is not entirely without opportunities. If BNB can break through the $650 area again, there may still be a chance for a price increase, even testing $665, or potentially reaching higher levels. But as it stands, the downside risk is clearly greater.
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