Binance Coin price analysis: Can the bulls defend $600 support?

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests downwards movement below $600
  • The closest support level lies at $600
  • BNB faces resistance at the $650 mark.

The Binance Coin price analysis shows that after failing to climb above the $680 mark, the sellers broke the $650 support level as BNB returned below the $620 mark. Currently, the price is moving towards the $610 mark as the selling continues. 

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include DOGE and DOT, recording a 6.83 and a 5.86 percent incline, respectively. 

Binance Coin price analysis: BNB returns to $600 as the selling continues

Binance Coin price analysis: Can the bulls defend $600 support? 1
Technical indicators for BNB/USDT by Tradingview

Across the technical indicators, the MACD is currently showing bearish momentum, as exhibited by the red histogram. The indicator currently shows an increasing bearish momentum as expressed by the dark shade of the histogram. The MACD exhibited a bearish crossover on November 8 and has remained in the region since then as the Binance Coin price fell from the $670 level. 

The EMAs are currently moving downwards as the Binance Coin price analysis moves towards the $600 support level. The 12-EMA is diverging further from the 26-EMA, suggesting an increased selling pressure across the short term. The indicator is not showing any resistance from the buyers, and the price may continue falling across the short term charts

The RSI is currently neutral and trades low at 39.68 index units. The low position shows bearish dominance at press tim,e while the indicator’s downwards slope suggests strong selling activity in the markets. The neutral position suggests that the asset has room for further downwards movement before a correction is required. Overall, the RSI supports the bears across the short term. 

The Bollinger Bands are currently narrow but show expansion as the price pushes the indicator’s bottom line downwards. However, the indicator would remain narrow if the buyers are able to successfully defend the $600 support level. At press time, the indicator suggests a drop in BNB price volatility.

Technical analysis for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a sell signal as 12 of the 26 major technical indicators support the bears across the timeframe. On the other hand, only four of the indicators support the bulls showing no significant buying activity in the markets. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time. 

The 24-hour Binance Coin price analysis contradicts this sentiment and issues a buy signal with 13 of the indicators suggesting an upwards price movement against only three indicators supporting the bears across the timeframe. At the same time, ten indicators remain neutral and do not support either side of the market. 

What to expect from the Binance Coin price analysis?

Binance Coin price analysis: Can the bulls defend $600 support? 2
4-hour price chart by Tradingview

The Binance Coin price analysis shows that the bulls struggled and failed in climbing above the $680 price level, causing the support at $650 to collapse. As the selling continued, the buyers were unable to defend any footholds above the $600 mark, and the price has returned to the $600 mark. 

Currently, traders should expect a brief dip below the level before the price makes another attempt at $680. This suggestion is supported by the technical analyses, which are bearish in the short term but show strong support to the bears across the mid-term charts.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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