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    Home » Price Analysis » Binance Coin Price Analysis: BNB Tumbles 10% Weekly, Is $500 The Next Bearish Target?

    Binance Coin Price Analysis: BNB Tumbles 10% Weekly, Is $500 The Next Bearish Target?

    Author: Duo Nine

    Last Updated Nov 18, 2021 @ 15:03

    Binance Coin failed to reach the all-time high at $692 and made a lower high which was followed by a quick fall in price.

    Key Support level: $516

    Key Resistance level: $600 

    After breaking from the blue pennant, BNB rallied almost 50%, but the momentum simply was not enough to take 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. Should the price continue to fall, BNB might find good support at $516.

    img1_bnb
    Chart by TradingView

    Technical Indicators

    Trading Volume: The volume was strong when the support at $600 was broken. This indicates that the bears are in control of 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, on the 4-hour timeframe, the RSI is in the oversold territory and is trying to curve back up. Should the bears lose interest in pushing BNB below $516, the bulls can return in force.

    MACD: The MACD did a bearish cross yesterday. Whenever this happens the bullish trend comes to an end and a correction follows. The best hope for bulls is to stop the decline at around $500 and consolidate there before another push higher.

    img2_bnb
    Chart by TradingView

    Bias

    The current bias is bearish. It’s 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 Prediction for BNB Price

    BNB is in a downtrend and the best bet for bulls right now is for 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 for the bears to show exhaustion before considering the next move.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Binance Coin (BNB) Price
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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