- $BNB has hit key support but struggles to gain momentum for a bounce
- A move above $580-$600 could spark a recovery, but resistance is stacking up
- If selling pressure persists, a retest of lower levels may be on the horizon
Binance Coin (BNB) has been slipping lower after failing to hold above $600, signaling growing uncertainty among traders. The price has been fluctuating between sharp rejections and weak rebounds, making it clear that the bulls are losing their grip—at least for now.
At the moment, BNB is testing a crucial support zone between $540-$560. If this level holds, it could provide a base for a recovery, potentially setting up another push toward the $600-$620 range. However, if bears remain in control and break below this area, the next downside target could fall near $500, where buyers previously stepped in aggressively.
PRICE ACTION SHOWS WEAKNESS AS BNB TESTS SUPPORT
The Fibonacci retracement shows that BNB has pulled back near the 50% retracement level of its previous rally. This is typically a make-or-break zone—either buyers come in strong to defend it, or the price continues sliding toward deeper retracement levels.
Bollinger Bands are also showing signs of expansion, indicating increased volatility ahead. When bands widen, it usually signals a strong move is coming, but direction remains uncertain. If BNB manages to reclaim $580, it could break out toward the upper band, while failing to hold current levels could send it toward the lower band, closer to $500.
According to a past prediction from AltstreetBet, the price of BNB will go down. It seems he was right based on his March 4 post.
WHAT’S NEXT FOR BNB?
In the short term, BNB’s ability to reclaim $580-$600 will determine if bulls can regain control. A successful breakout from this level could set the stage for a push toward $620-$640, with the next resistance sitting around $660.
However, if BNB remains under pressure and sellers keep rejecting upside attempts, the risk of further declines increases. Losing the $540-$550 range could trigger a drop toward $500, a key psychological level that previously acted as strong support.
BNB was initially launched in 2017 as a utility token for Binance exchange users, offering trading fee discounts. Over the years, it has expanded into DeFi, smart contracts, and blockchain applications through Binance Smart Chain (BSC). Despite market fluctuations, BNB continues to play a major role in the crypto ecosystem, attracting developers and investors alike.
For now, traders are watching whether BNB can stabilize and regain its footing, or if another leg down is imminent. The next few days will be critical in shaping its next move.
