BNB coin looks to rebound from the current low

BNB has hit a near resistance of $586 and is now trading at around $580. The next best support for the crypto is at $576; falling beneath that margin would potentially open the door for a further fall. The current dip is below the 4-hour 100 Simple Moving Average. To mark a rebound, BNB must stay above $570. 

This is surprisingly in contrast with Ethereum and Bitcoin. Both cryptos are up by 0.22% and 0.13% in the last 24 hours, respectively. BNB, on the other hand, has yet to see green signals for trading.

The technical indicators, for example, are in the bearish zone with no bull run in sight at the moment, making circumstances critical for BNB. This includes Hourly MACD. The Relative Strength Index, or RSI, is below the 50 level. BNB is said to be consolidating losses. That will be in the books until BTC sufficiently influences the macro market. The next resistance level, $578, further reflects the 50% Fib retracement level of a downswing.

Maintaining a stand above $570 is crucial, equivalent to surpassing the milestone of $582 for a higher high. More gains will set the stage for positive resistance margins of $588 and $600. Actual numbers may vary, but the sentiment will largely mirror the speculated trend. According to current conditions, the highest resistance is $612.

It is more likely that the year-end delivers a clearer picture of BNB. The token has fallen by 0.04% in the last 24 hours. It is also down by 1.345% in the last 7 days and up by 3.50% in the last 30 days. A precise token exchange value is $579.86 at the time of drafting this article. We predict a rebound to $600 by the end of this year as per our BNB price forecast. That, of course, depends on the movements BNB makes on the price chart.

There has been a notable dip in market cap of 0.02%, as well as a significant rise in 24-hour trading volume of 4.54%. It is difficult to project future losses and profits because BNB is volatile, just like any other crypto. Given the high expectation of a consistent downtrend, a bearish stance is more prevalent. Some of the major support levels are $572, $562, and $550.

That said, BTC could lead the bull run trend. It has been able to move out of the consolidation phase in recent days. BNB was seen consolidating losses. That will be in the books until BTC has sufficient influence on the macro market. In the past, ETH and BTC have had bearish runs. 

BNB is going through that phase. It is only safe to assume that it will eventually make a point out of that phase. In order to properly value the BNB/USD pair in the market, BNB is now aiming to move above $580.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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