Binance Coin Price Analysis: BNB Tumbles 10% Weekly, Is $500 The Next Bearish Target?

Binance Coin Price Analysis: BNB Tumbles 10% Weekly, Is $500 The Next Bearish Target?

Key Support level: $516

Key Resistance level: $600

After breaking from the blue pennant, BNB rallied almost 50%, but the momentum simply was not enough to take it above the all-time high. Bears stepped in before that and pushed the price below the support at $600 that is now acting as resistance. Should the price continue to fall, BNB might find good support at $516.

Technical Indicators

Trading Volume: The volume was strong when the support at $600 was broken. This indicates that the bears are in control of price, and the trend is bearish until BNB finds support again.

RSI: The RSI is in free fall on the daily timeframe after breaking above 70 points during the rally. However, on the 4-hour timeframe, the RSI is in the oversold territory and is trying to curve back up. Should the bears lose interest in pushing BNB below $516, the bulls can return in force.

MACD: The MACD did a bearish cross yesterday. Whenever this happens the bullish trend comes to an end and a correction follows. The best hope for bulls is to stop the decline at around $500 and consolidate there before another push higher.

Bias

The current bias is bearish. It’s best to wait for the price to find support before making further assessments. The support at $516 is a good place for bulls to show up and defend the price from further losses.

Short-Term Prediction for BNB Price

BNB is in a downtrend and the best bet for bulls right now is for price to consolidate around the support level at $516. It is unlikely that BNB can reverse at this point due to the bearish trend as indicated by the MACD. It is important to be patient and wait for the bears to show exhaustion before considering the next move.

Source

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