Binance Coin Price Analysis: BNB Crashes Back to $420 as Market Deletes Previous Gains

BNB’s rally came to an abrupt stop after the price passed the $500, and the market took all the gains away in today’s trading session.

Key Support level: $420

Key Resistance level: $520, $692 (ATH)

Despite the strong bullish momentum at the beginning of the week, BNB could not sustain its price beyond $500. The market took a downturn and crashed last night. The key support at $420 has held well so far, but the pressure is building up.

Chart by TradingView

Technical Indicators

Trading Volume: The volume spiked during the crash last night, and it is now fading. Buyers will likely have more opportunities to defend the price at $420.

RSI: The daily RSI is quickly falling down towards the oversold area as it currently sits at 35 points. This is bearish, and unless it moves above 50 points, it will be hard to reverse the bias.

MACD: The daily MACD completed a bearish crossover today. It is important to see how the current daily candle closes, but the trend remains bearish in the near term.

Chart by TradingView

Bias

The current bias is bearish.

Short-Term Prediction for BNB Price

BNB is at a decision point. A failure to remain above the key support will lead to further losses. Therefore, buyers have to do their best to keep prices above $420.