Key assistance level: $ 516
Key Resistance Level: $ 600, $ 692 (ATH)
Price retreated from the $ 516 support level with enough momentum to hit the $ 600 resistance level.
Once there, the bears rejected the price and look likely to continue to put up a good fight at this key psychological level. For this reason, BNB is still lingering at just under $ 600 at the time of this article, as the bulls consider another attempt to break through.
Technical Indicators
Trading Volume: The volume is falling, and this last rejection at $600 has cut the momentum from BNB bulls. It might take some time for them to recover and try again.
RSI: The fall in the RSI has stopped and it has even reached higher lows. This is a positive change from last week when BNB was in free fall.
MACD: The MACD completed a bullish cross on the 4-hour timeframe last Friday, and it is now keen to do it again after a short-lived correction. On the daily timeframe, the MACD is still bearish, but the histogram is making higher lows. If bulls can break above $600, then the daily MACD will curve back up strongly.
Bias
The current bias is neutral. The market seems to be deciding on the next steps, and the price evolution reflects this as well. To flip the bias bullish, BNB has to break above $600. To turn bearish, it has to fall below the key support at $516.
Short term BNB price forecast
BNB’s bearish momentum has stalled and the current price action shows that the bulls are considering another attempt at resistance at $ 600. Until that materializes, it’s more likely for BNB to float just under the key support.
