Key assistance level: $ 516
Key Resistance Level: $ 600
After breaking away from the blue pennant, BNB rebounded nearly 50%, but momentum just wasn’t enough to lift it above the all-time high. The bears stepped in before that and pushed the price below the $ 600 support which is now acting as resistance. If the price continues to fall, BNB could find good support at $ 516.
Trade volume: The volume was strong when the support at $ 600 was broken. This indicates that the bears control the price and the trend is bearish until BNB finds support again.
RSI: The RSI is in free fall on the daily scale after having exceeded 70 points during the rally. However, over the 4 hour period the RSI is in oversold territory and is trying to move up. If the bears lose interest in pushing BNB below $ 516, the bulls may come back strong.
MACD: The MACD made a bearish cross yesterday. Whenever this happens, the uptrend ends and a correction follows. The best hope for the bulls is to stop the decline at around $ 500 and consolidate there before another push higher.
The current bias is bearish. It is best to wait for the price to find support before making further assessments. The support at $ 516 is a good place for the bulls to come forward and defend the price against further losses.
Short term BNB price forecast
BNB is in a downtrend and the best bet for the bulls right now is for the price to consolidate around the support level at $ 516. BNB is unlikely to be able to reverse at this point due to the downtrend indicated by the MACD. It is important to be patient and wait until the bears show signs of exhaustion before considering the next move.
$ 100 Free on Binance (Exclusive): Use this link to sign up and receive $ 100 Free and 10% Fee Discount on Binance Futures in the first month (terms).
PrimeXBT Special Offer: Use this link to sign up and enter the code POTATO50 to get a 50% free bonus on any deposit up to $ 1750.
Disclaimer: The information found on CryptoPotato is that of the cited authors. It does not represent the views of CryptoPotato on whether to buy, sell or hold investments. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.