Binance Coin Price Analysis: BNB Bears Halt the Attempt to Break Above $600

Key Support level: $516

Key Resistance level: $600, $692 (ATH)

The price rallied off the $516 support level with sufficient momentum to go all the way up to 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 still lingers just under $600 at the time of this post while the bulls are considering another attempt to break above.

Chart by TradingView

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 RSI fall has stopped, and it has even made higher lows. This is a positive change from last week when BNB was in a freefall.

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.

Chart by TradingView

Bias

The current bias is neutral. The market seems to be deciding on the next steps, and the price action 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 Prediction for BNB Price

BNB downtrend momentum has stalled, and the current price action shows that bulls are considering another attempt at the $600 resistance. Until that materializes, it’s more likely for BNB to float just under the key support.

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