Binance Coin (BNB) is facing selling pressure as traders are watching the key support levels. The asset is unable to sustain its latest gains, and technical indicators are showing cautious sentiment in the market.
On Saturday, February 28, BNB is currently trading at $596.71, declining by 2.88% in a day. The trading volume has decreased by 31.25% and now stands at $1.77 billion. Over the past seven days, the BNB coin price has fallen by 5.32%.
Source: CoinMarketCap
BNB Faces Increasing Downside Risk
Crypto Patel, an analyst, highlighted that BNB has declined by almost 60% from its all-time high. According to him, a bear flag formation has occurred. The flag channel has remained intact as BNB continues to trade within it.
The support level has declined to $570. If it breaks below that point, BNB can decline further. The next target range is between $445 and $450. The structure has lower highs and lower lows.
Patel said no bullish divergence has occurred. The structure is bearish. The value can decline further if it breaks below $570.
Source: X
Volume and Open Interest Rise
According to CoinGlass data, the future volume has increased by 10.63% to $1.05 billion. The open interest has also shown an increase of 0.31% to $932.37 million.
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This indicates that traders have shown consistent behavior during the decline. The OI-weighted funding rate is at -0.0034%. This suggests that there is pressure from short positions.
Source: CoinGlass
BNB Technicals Show Persistent Bearish Momentum
The Relative Strength Index (RSI) on the daily chart stands at 36.05. This suggests that the momentum is weak. The signal line of the RSI stands at 33.44. Both values are below the 50 mark. This suggests that the overall trend in the market remains bearish.
The Moving Average Convergence Divergence (MACD) also shows weakness. The histogram stands at 8.46, indicating that the prices have shown some improvement from recent lows. The MACD line stands at -36.09, while the signal line stands at -44.55.
Source: TradingView
BNB continues to face persistent selling pressure. The token remains positioned near a key support area. Analysts maintain a cautious outlook on its trend.
Traders are closely watching the flag pattern along with the $570 support level. A breakdown could activate further downside risk. The potential for additional losses remains present if support fails.
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