BNB’s rally came to an abrupt halt after the price broke above $500, and the market took all the gains in today’s trading session.
Key Support level: $420
Key Resistance level: $520, $692 (ATH)
Despite the strong bullish momentum at the beginning of the week, BNB could not sustain its price beyond $500. The market took a downturn and crashed last night. The key support at $420 has held well so far, but the pressure is building up.
Technical indicators
Trading volume: The volume increased during last night’s crash, and it’s fading now. Buyers will likely have more opportunities to defend the price at $420.
RSI: The daily RSI is quickly falling down towards the oversold area as it currently sits at 35 points. This is bearish, and unless it moves above 50 points, it will be hard to reverse the bias.
MACD: The daily MACD completed a bearish crossover today. It is important to see how the current daily candle closes, but the trend remains bearish in the short term.
Bias
The current bias is bearish.
Short term prediction for BNB price
BNB is at a decision point. A failure to stay above key support will result in further losses. Therefore, buyers should do their best to keep prices above $420.
