Market Analysis #BNB

The BNB/USDT chart on Binance shows a price decrease of 1.96%, the current value is 599.28 USDT.

Key Observations:

1. Trend and support/resistance levels:

• Recent high – 622.80 USDT.

• Current support level – 593.42 USDT.

• Stronger support – 577.64 USDT, if the price continues to decline.

2. Indicators:

• Bollinger Bands: Price is correcting after an upward movement, approaching the middle line (MB: 604.72).

• MACD: Slight decline (-0.77), but no clear reversal signal yet.

• RSI:

• Short-term RSI(6) – 39.17 (close to the oversold zone).

• Medium-term RSI(12) – 43.49 (indicates weakening bullish momentum).

• Long-term RSI(24) – 49.36 (currently neutral).

• Stochastic (K: 55.01 / D: 50.83) – indicates a possible reversal.

3. Volumes:

• A decrease in volume is observed during the correction, which may indicate weakening selling pressure.

Possible Scenarios:

• If BNB holds at 593 USDT, a bounce to 604–610 USDT is possible.

• If it breaks down, the next support is around 577 USDT. $BNB