BNB has broken below its trendline support, and a dump followed. The previously identified range zone support has also broken to the downside, with price now at 620 dollars. This is not considered the end of the move, as further decline toward at least 500 dollars is expected.
Learn this: When a trendline breaks and is followed by a range support break, the two events confirm each other. This is called a cascade of support failures. Each broken level adds confidence that the trend has changed, and it attracts more sellers. Traders who bought the range support are now underwater and their stop-losses fuel the next leg down.
BNBUSDT
Perp
615.99
-3.80%