Binance Coin Price Analysis: Can Bulls Defend the $ 500 Support?

TL: DR Breakdown

Binance Coin Price Analysis Suggests Downward Movement The closest support level is at $ 510 BNB faces resistance at the $ 530 mark

Binance Coin’s price analysis shows that the bulls have been able to defend the $ 510 support for more than 24 hours, but the selling pressure is still weighing on the asset’s price action, suggesting a further move to the downside.

The broader cryptocurrency market has observed bear market sentiment for the past 24 hours as most of the major cryptocurrencies see negative price movements. The main players include SOL and AVAX which registered a drop of 6.82 and 5.80 percent, respectively.

Binance Coin Price Analysis: BNB Falls to $ 510

Binance Coin Price Analysis: Can Bulls Defend the $ 500 Support? oneTechnical indicators for BNB / USDT by Tradingview

In all technical indicators, the MACD is currently bearish as expressed by the red color of the histogram. However, the indicator shows low bearish momentum as the height of the histogram remains low at press time. Nonetheless, the indicator’s darker hue suggests increasing selling momentum on the short-term charts as BNB returns to the $ 510.00 price level.

EMAs are currently trading lower as BNB sees net bearish activity in recent days as the price fell from the $ 650.00 mark to the current $ 510.00 mark. At press time, both EMAs are moving lower, suggesting bearish dominance as price action struggles to find support above the $ 500.00 mark.

The RSI is currently neutral and is trading lower showing slight bearish dominance over price action. The indicator remains at 9.19 index units moving sideways with a downward bias as BNB hovers between the $ 530.00 and $ 500.00 mark. However, the neutral position of the indicator shows that BNB has room for a significant bearish move before the asset needs a trend correction.

Bollinger Bands are currently tight but showing divergence as price action takes a lower turn falling to the $ 500 support level. If the sell-off continues and buyers can break through the support level, the price may fall. at the $ 420.00 level as no significant support is below the $ 500 level. The midline of the bands presents resistance at $ 560.9 while the lower bound provides support at $ 494.2

Technical analysis for BNB / USDT

Overall, the 4-hour Binance Coin price analysis emits a strong sell signal with 16 out of 26 major technical indicators showing support for bulls. On the other hand, only one of the indicators supports the bulls, suggesting that there is little to no buying activity in the markets. Meanwhile, the remaining nine indicators remain on the fence and are not signaling at the time of writing.

The Binance Coin 24-hour price analysis shares this sentiment and shows 12 indicators in favor of a further downward movement against four that suggest a downward price action on the medium-term charts. The analysis reaffirms the bearish dominance over BNB as it shows that selling pressure is still weighing on price action. At the same time, ten indicators do not support either side of the market.

What to Expect from Binance Coin Price Analysis

Binance Coin Price Analysis: Can Bulls Defend the $ 500 Support? two4-hour price chart by Tradingview

Binance Coin price analysis shows that after struggling to hold a support level above the $ 550.00 mark, the bulls could no longer defend themselves and the asset’s price has fallen to the psychological support level. A sell-off would threaten a sharp drop to the $ 400 level.

Currently, traders should expect the Binance Coin price analysis to move towards the $ 500.0 mark as bears dominate the BNB price action. Technical indicators and medium-term technical analysis also reaffirm this suggestion. However, the $ 500 mark provides key support to the bulls and further downside moves are unlikely.

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Binance Coin Price Analysis: Can Bulls Defend the $ 500 Support?

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