9.9 C
Amsterdam
29 March 2024
PumpMoonshot
Image default
News

BNB Price Struggles Below Weekly Highs Near $500k


BNB price action has been fading towards $400 after being rejected near $500, with bulls unable to close above the 100 DMA. The recent break of the important moving average crossovers signals witnesses no major correction. The formation of consecutive three “Doji” candlesticks reflects a conflict between the market participants.

  • BNB price lock-in modest gains on Thursday.
  • Further downside is expected below 200 EMA.
  • BNB’s RSI expects upside reversal as bears lose momentum.

BNB bulls gear up for a reversal above the inflection point

BNB price made a slight bounce back after retracing from the December 27 high of $572.15, the formation of a bullish “hammer” aids the upside momentum. The descending trend line from the ATH acts as a barrier for the bulls. There is a futile attempt by the market participant to hold near the recent highs made on January 16. A decisive close above today’s session high would see an upside journey toward the important resistance confluence of moving average’s cross over at $500. This also coincides with the bearish sloping line from the above-mentioned high levels.

Source: Trading view

Furthermore, the daily Relative Strength Index (RSI) is reading at 42 with a bullish crossover. Any uptick in the oscillator could see impressive upside momentum. Talking about the MACD (Moving Average Convergence Divergence) holds onto the negative zone, which might be of concern for the bulls.

Now, if the BNB price closes above $500.0 with above average volumes then the next destination for the buyers could be found at the horizontal resistance level at $550.0.

On the flip side, a decisive break below the 200 EMA would see the interim support level at $407.02. The low was made on January 10, the same levels last seen in October.

Advertisement

News Source

Related posts

BlockTower Capital Co-Founder Predicts Just How Long Bitcoin Bull Run Will Last, Says Top Crypto Could Hit $400,000

PumpMoonshot

400,000 ETH Worth Over $800 Million Left Coinbase. Surge in Institutional Demand for ETH?

PumpMoonshot

How to Find a Bitcoin ATM Near Me

PumpMoonshot
Verified by MonsterInsights