📉 BNB/USDT: BNB Facing Rejection at $635! 🐻
$BNB has hit a significant roadblock today. After a strong push toward the $635.12 resistance level, the price was met with heavy selling pressure, leading to a sharp rejection that has pushed it back toward immediate support zones.
📊 Technical Snapshot:
* Current Price: $622.06
* 24h High: $635.12
* 24h Low: $621.00
* Trend: Short-term Bearish Rejection
On the 1-hour timeframe, BNB is currently trading below its MA7 ($624.40) and MA25 ($627.32), confirming that the bears have seized control of the short-term momentum. However, the price is still holding above the MA99 ($616.05), which remains the last line of defense for the bulls in this timeframe.
💡 Strategic Outlook:
* Immediate Resistance: The $627 – $630 zone (confluence of moving averages) is now a tough hurdle to clear.
* Key Support: Keep a close eye on the $621.00 24h low and the $616.05 (MA99). A break below these could lead to a deeper sell-off toward the $610 level.
* Volume Analysis: An increase in red volume bars suggests that profit-taking is currently outweighing new buy orders.
Trading Tip: The market sentiment is currently cautious following this rejection. Avoid "catching a falling knife" and wait for a confirmed bounce near the $616 support or a recovery above $628 before considering long positions. Always protect your capital with a tight Stop Loss!
#BNB #BinanceCoin #BinanceSquare #CryptoAnalysis #MarketUpdate $BNB
