BNB rally came to an abrupt end after the price crossed $500, and the market took away all gains in today’s trading session.
Main Support Level: $420
Major Resistance Levels: $520, $692 (ATH)
Despite a strong rally at the start of the week, BNB could not sustain its price above $500. The market fell and crashed last night. The key support at $420 has been good so far, but the pressure is building.
technical indicators
trading volume: The volume went up during the crash last night, and is now decreasing. Buyers are likely to have more opportunities to defend the $420 price.
RSI: The daily RSI is declining sharply towards the oversold zone as it currently sits at 35 points. It is bearish, and unless it moves above the 50 mark, it will be difficult to reverse the bias.
MACD: The daily MACD completed a bearish crossover today. It is important to watch how the current daily candle closes, but the trend remains bearish in the near term.
Partiality
The current bias is bearish.
short term prediction for bnb price
BNB is at a decision point. Failure to stay above key support will result in further losses. Hence, buyers will have to do their best to keep the price above $420.
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Cryptocurrency charts by TradingView.