BNB / USDT 4-hour chart | Source: TradingView
Volume: Volume was strong when the $ 600 support was broken. This shows that the bears are in control of price and the trend is now tilted down.
RSI: The RSI is in free fall on the daily timeframe after falling below the 70 level, but on the 4 hour timeframe, the RSI is in the oversold territory, trying to move up. This points to a possible short-term rally.
MACD: MACD created a bearish cross. Whenever this happens, the uptrend ends and a sharp correction follows. The best hope for the bulls is that they can stop the downside at $ 500 and consolidate there before starting a new rally.
Daily BNB / USDT Chart | Source: TradingView
The current trend is down. It is best to wait for the price to drop to strong support before making any further judgments. The support at $ 516 is a good start for the bulls.
However, the steady decline over the past few days has pushed the short-term indicators into oversold territory. As a result, there may be a short-term rally before the price corrects further.
In this case, the key level to look up at is $ 600.
You can see the price from BNB Here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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