BNB Price Struggles to Hold Above $500: What's Next?

BNB price (https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/) is facing challenges as it hovers around the critical $500 support zone. The cryptocurrency could experience a bearish shift if it fails to maintain this level. Here's a closer look at the recent price movements and what could happen next.

BNB's Recent Decline

BNB recently faced a decline after being unable to surpass the $540 resistance. Following the trend of major cryptocurrencies like Ethereum and Bitcoin, BNB's price dropped below key support levels at $532 and $520, even touching $510. The decline halted at $495, where BNB found some support, forming a low at $496. The price is currently consolidating its losses, trading below $525 and under the 100-hourly simple moving average.

Short-Term Channel Formation

Interestingly, a short-term rising channel has formed on the hourly chart of the BNB/USD pair, with support around $500. This channel is crucial, as a close below the $500 mark could trigger further bearish momentum.

Potential Downsides

If BNB fails to break through the $522 resistance, we might see another downward move. The immediate support lies near the $500 level, with the next significant support around $496. The primary support is positioned at $488, and a break below this could lead to a more substantial drop towards $465. Further losses might drive the price down to the $450 level, indicating a more severe bearish trend.

BNB's price remains at a critical juncture. Holding the $500 support is essential to avoid a more significant downturn. Traders should watch for key resistance and support levels in the coming hours and days as the market's direction could shift quickly.