The crypto market is in the red today BNB price has followed cue. All but one of the top ten cryptos registering loses in the last 24 hours. At the time of writing, BNB coin was trading at a 24-hour low of $604.26, after losing 4.7% of its value.
Prior to its decline, BNB coin was on course to retest its all-time high, and was only about 5% off the mark on Friday. However, the prospects of that happening has now been dampened, with the crypto market headed south in the last 24 hours.
BNB trading volume could significantly alter price action
One of the greatest misgivings about crypto assets is that most assets tend to fall almost simultaneously during bear runs. Therefore, unless something significant happens around the fundamentals of BNB coin, it is unlikely to be an outlier in the current slump.
The coin has experienced a 25% spike in trading volume during the last 24 hours. That translates to about $2.7 billion worth of trade, which could significantly shift the price trajectory in the near term.
Technical analysis for BNB coin price
The market momentum for BNB coin price has weakened steeply over the last 48 hours. During that period, the RSI has fallen from 70 to the current 50. That points to increasing bearishness. In addition, the price pattern has formed a double top pattern. That is a strong signal that the price could be headed further down.
If the market momentum weakens further, the price could breach the psychological support at $600 to register $599.27. Beyond that point, the next support is likely to be at $547.35. However, if the momentum strengthens significantly, the price could rise to encounter the first resistance at $650.87. If it breaches that mark, the next resistance is likely to be at $662.61.
