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Binance Coin price analysis: Can the bulls defend $500 support?

Binance Coin price analysis

TL:DR Breakdown

  • Binance Coin price analysis suggests downwards movement
  • The closest support level lies at $510
  • BNB faces resistance at the $530 mark

The Binance Coin price analysis shows that the bulls have been able to defend the $510 support for more than 24-hours but the selling pressure still weighs on the asset’s price action suggesting further downwards movement. 

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements. Major players include SOL and AVAX recording a 6.82 and a 5.80 percent decline, respectively. 

Binance Coin price analysis: BNB falls to $510

Binance Coin price analysis: Can the bulls defend $500 support? 1
Technical indicators for BNB/USDT by Tradingview

Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows low bearish momentum as the height of the histogram remains low at press time. Nonetheless,, the darker shade of the indicator suggests an increasing selling momentum across the short-term charts as BNB returns to the $510.00 price level. 

The EMAs are currently trading low as BNB observes net bearish activity over the last few days as the price dropped from the $650.00 mark to the current $510.00 mark. At press time, both the EMAs move downwards suggesting bearish dominance as the price action struggles to find support above the $500.00 mark. 

The RSI is currently neutral and trades low showing slight bearish dominance over the price action. The indicator hovers at 9.19 index units moving sideways with a downwards bias as BNBoscillates between the $530.00 and $500.00 mark. However, the neutral position of the indicator shows that BNB has room for significant bearish movement before the asset would need a trend correction. 

The Bollinger Bands are currently narrow but show divergence as the price action takes a downwards turn falling to the $500 support level. If the selloff continues and the buyers are able to break down the support level the price may crash to the $420.00 level as no significant support lies below the $500 level. The bands’ mean line presents resistance at $560.9 while the lower limit provides support at $494.2

Technical analysis for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a strong sell signal with 16 of the 26 major technical indicators showing support to the bulls. On the other hand, only one of the indicators supports the bulls suggesting that there is little to no buying activity occurring in the markets. Meanwhile, the remaining nine indicators sit on the fence and issue no signals at the time of writing.

The 24-hour Binance Coin price analysis shares this sentiment and shows 12 indicators in favor of further downwards movement against four suggesting a downwards price action across the mid-term charts. The analysis reaffirms the bearish dominance over BNB as it shows that the selling pressure still weighs on the price action. At the same time, ten indicators 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 $500 support? 2
4-hour price chart by Tradingview

The Binance Coin price analysis shows that after struggling to hold a support level above the $550.00 mark, the bulls were unable to defend any longer and the price of the asset has fallen to the psychological support level. Further selloff would threaten a sharp crash to the $400 level. 

Currently, traders should expect the Binance Coin price analysis to move downwards towards the $500.0 mark as the bears dominate the BNB price action. The technical indicators and the mid-term technical analysis also reaffirm this suggestion. However, the $500 mark provides key support to the bulls and further downwards movement is unlikely.

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Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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