The start of this week has been painful across the crypto space following a serious bloodbath. Altcoins are in red, including BNB , which has decreased by 5% since yesterday. It appears set for a big clampdown daily. BNB traded relatively calm throughout last week while remaining in a consolidation phase due to a drop in volatility. This phase came after moving offensively to tap the $740 in the preceding week. The price could not trade long in that phase as the supply level increased heavily this week. It nosedived sharply and closed strongly after testing the $610 level yesterday. Things got uglier today and the price dipped to a daily low of $586 amid rising supply. This drop came as a retest of a fair value gap of $590 that occurred on February 8. And from the look of things, more bleeding can be expected. However, the daily low has been rejected and the price is back to where it is changing hands at around a$601. It remains weak on the daily chart while the bears are trying to regroup on the lower timeframe. We may see a retracement near $630 before resuming bearish. While the last 24 hours marked the crypto’s biggest loss in the last two weeks, we can expect a bigger drop if the supply level continues to rise. BNB must reclaim its recent all-time high before considering bullish. BNB Key Level To Watch Source: Tradingview The key potential levels for a retest are $618.7 and $652. If the market bounces back above these levels, $700 and $745 would be the next area of interest for buying. A strong daily close below $590 could trigger a heavy drop to the $544 support. The lower support level to watch for drops would be $500. Key Resistance Levels: $618.7, $652, $700 Key Support Levels: $590, $544, $500 Spot Price: $601.5 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: moxumbic / 123RF // Image Effects by Colorcinch
