Binance Coin (BNB) has encountered a significant downturn, struggling to surpass the $600 mark. Despite efforts to rebound, BNB has joined the decline alongside other major cryptocurrencies like Ethereum and Bitcoin.

Currently trading below $585, BNB faces crucial support levels at $560, $550, and $532.Technical indicators suggest a bearish short-term outlook, with the four-hour MACD losing momentum and the RSI below 50.

A break below $560 could lead to a decline towards $550, and if the critical $532 support level is breached, a larger downtrend may unfold, potentially retreating to $510 or even $500.

On the upside, surpassing the $575 resistance could spark an upward momentum towards $650, with a potential test of the $680 level. However, the $600 resistance remains a significant hurdle, and maintaining a stable movement above this level is crucial for BNB's future prospects.