BNB's price has dropped by 8.72% over the past week, indicating a significant downturn for the coin. Recent price action suggests that bearish momentum is building, with technical indicators pointing to further potential downside. Key levels of support and resistance are now crucial, as BNB hovers near important price points that could either stabilize the decline or lead to more losses.
BNB's price has declined by 8.72% over the past seven days, reflecting significant downward pressure on the token. Despite the hype surrounding the release of Binance's founder, Changpeng Zhao, it hasn't positively impacted BNB's price.
This decline is further supported by its ADX (Average Directional Index), which currently reads 40.88. The ADX measures the strength of a trend, regardless of its direction, and a value above 25 signals a trend's presence, whereas values over 40 indicate a very strong trend. In BNB’s case, an ADX of 40.88 points to a solid and growing downtrend, suggesting that bearish momentum is gaining strength.
Looking at the Ichimoku Cloud for BNB, the price action shows signs of weakness and continuation of the downtrend. BNB has broken below the Kumo (cloud), which is a strong bearish signal, indicating that sellers are in control. The Ichimoku Cloud serves as both a support and resistance area, and with the price trading below it, this reinforces bearish sentiment.
Additionally, the leading span (Senkou Span A and B) forms the cloud ahead, which appears to be widening slightly with a downward slope. This widening cloud suggests that future resistance is strengthening, making it harder for BNB to break back above the cloud. The Tenkan-sen (blue line) has crossed below the Kijun-sen (red line), another bearish signal.
