Binance Coin Bearish Reversal: Eyes on the 560 Support, 31…

Binance Coin (BNB) is likely to test the $560 support level after a fresh rejection near $590, according to chart analysis published Monday. The cryptocurrency turned lower from a resistance zone that has limited upside since mid-June, and broader bearish sentiment across digital assets is seen adding to downward pressure.

The $590 area has acted as a key ceiling on the daily chart, reinforced by the upper Bollinger Band and the 61.85% Fibonacci retracement of the downward impulse from June. The latest reversal from this cluster stopped the previous minor impulse wave iii, suggesting buyers failed to sustain momentum above the zone.

Traders now eye $560 as the next downside target. That level has repeatedly triggered bounces since the start of July, stopping earlier waves labeled a, b and ii in the analysis. A move back to that region would represent a test of a support zone that has proven meaningful over the past several weeks.

The analysis comes as crypto markets broadly show bearish sentiment. The author notes that the weakness is widespread across the sector, which could increase the likelihood of BNB continuing lower rather than staging another reversal at current prices.

As with all technical analysis, the outlook is based on price patterns and should not be treated as investment advice. Market conditions can change quickly, and traders are advised to conduct their own research.