The price of the BNB coin is seeking to break through the resistance zone at an all-time high of around $ 660. On December 1, the price deviated strongly from this resistance and is now in a recovery phase.
From the indicated level, the price fell by 20% and re-tested the immediate support at $ 500. This created two important levels for BNB, and the further price rate will depend on their breakdown.
Key technical points:
- Dynamic support for the 50-EMA turns into potential resistance.
- The RSI line shows a strong bearish divergence on the daily chart.
- BNB intraday trading volume is $ 323 million, an increase of 36.8%.
As a result of the recent bearish reversal, the price has knocked out important dynamic support such as the uptrend line and the 50-EMA line. In addition, the chart displays a double bottom pattern with a cutout at $ 500, suggesting a further drop in BNB.
The Relative Strength Index (43) displays a bearish outlook, with the stability line approaching the oversold zone.
The overall trend for the coin still appears to be bullish, even with ongoing bearish signals and a cup and handle pattern. The trend will not change until the $ 500 level is broken.
Thus, long-term position holders will receive the first warning when the price breaks the $ 500 support level, which activates a double bottom pattern with a target of $ 450.
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