Market Conditions and BNB Price Trends
With Bitcoin struggling below the $60K mark, the altcoin market is facing significant challenges. Recent data shows a $137M liquidation in the past 24 hours, intensifying bearish pressure on altcoins. This raises the question: Will BNB maintain its price trend amidst increasing supply pressure?
Binance Recovery Halts at 200-Day EMA
Binance Coin (BNB) has struggled to hold above the $450 psychological mark. Despite a V-shaped recovery pushing the price above $500 and the 200-day exponential moving average (EMA), the bullish momentum was hindered by overhead supply pressure, resulting in a 3.78% drop on Sunday. The price faced rejection at the 50-day EMA, leading to an abrupt reversal.
Currently, BNB is trading at $507.90, showing a 0.81% intraday move and forming a Doji candle. This pattern indicates a bullish attempt to maintain the $500 milestone.
Technical Indicators
- MACD Indicator: The MACD and signal lines are nearing a positive crossover but are currently stalled due to the recent price drop, delaying the bullish signal.
- EMA: The failure to sustain above the 200-day EMA and rejection from the 50-day EMA suggests a potential bearish cycle.
Will BNB Price Sustain $500?
According to Fibonacci levels, BNB has struggled to stay above the 23.60% Fibonacci retracement, indicating a potential decline. A drop below the $500 psychological support could trigger a more severe decline. The next support zone for BNB is between $455 and $450.
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