BNBUSDT: Strong Downtrend with Signs of Support Break!
2024-10-11

The price of BNBUSDT is currently in a clear downtrend, with a breakout from the important support zone around $565 - $570. This breakout is confirmed by the lower highs, marked by red arrows on the chart, indicating the weakness of the buyers and the dominance of selling pressure.

The current price has retested the previous support zone and is likely to continue to decline further if it fails to break above $570, where both the 34 EMA and 89 EMA are converging. This is a sign that the downtrend is still strong, and it is difficult for the price to reverse at this point.

Based on the current trend structure and scenario, Edward expects the price of BNBUSDT to continue to decline towards the important support level at $535. This is a reasonable target for a deeper decline, especially when the selling momentum is still strong.