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. Bears stepped in before that and pushed the price below the support at $600 that is now acting as resistance. If the price continues to fall, BNB could 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 control the 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, over the 4 hour period the RSI is in oversold territory and is trying to move up. Should the bears lose interest in pushing BNB below $516, the bulls can return in force.
MACD: The MACD made a bearish cross yesterday. Whenever this happens, the uptrend ends 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 is 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 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. 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 until the bears show signs of exhaustion before considering the next move.
