Binance Coin (BNB) faces mounting selling pressure as a bear flag pattern emerges on its chart, posing a critical risk to the $570 support level. Data from CoinGlass indicates rising futures activity alongside slight short pressure. Key technical indicators like the RSI and MACD confirm weak momentum, with analysts warning that a break below $570 could target a decline toward the $445-$450 range.
Binance Coin (BNB) traded at $596.71, marking a daily decline of nearly 3%. The asset’s weekly losses extended beyond 5% as its trading volume fell by over 30% to $1.77 billion.
Analyst Crypto Patel highlighted that BNB has declined almost 60% from its all-time high. The structure is bearish. The value can decline further if it breaks below $570.
He noted a bear flag formation, with the next key support at $570. Patel stated that a breakdown could target the $445 to $450 range.
Futures data from CoinGlass showed a 10.63% increase in volume to over $1 billion. Open interest rose slightly to $932.37 million, while the funding rate remained negative at -0.0034%.
The technical outlook remained weak, with a daily RSI reading of 36.05. This confirmed the prevailing bearish momentum in the market.
The MACD indicator also stayed in negative territory. This, combined with the RSI, suggested a continued risk of downward trend continuation.
