In summary
BNB's price is facing a downtrend after reaching an all-time high, with ADX rising to 31, indicating enhanced bearish momentum.
Under the Ichimoku cloud, BNB shows signs of weakening short-term bullish signals, a flat span, and increased selling pressure.
The potential death cross of the EMA lines highlights the risk of further declines, with key support levels at $647, $622, and $593.
BNB's price reached an all-time high on December 4 but is currently facing a downtrend, as indicated by multiple technical indicators. BNB's ADX surged from 12 the previous day to 31, suggesting that bearish momentum is strengthening, indicating the potential for more downward trends in the short term.
The current price is below the Ichimoku chart, with weakening bullish signals and increasing selling pressure. If this trend continues, BNB may experience further adjustments and potentially test lower support levels in the coming days.
The current downtrend of BNB suggests more adjustments will occur in the future.
BNB's ADX has soared from 12 a day ago to 31, indicating that the current trend is strengthening. An increase in ADX suggests that the trend is becoming clearer, with readings above 25 typically indicating a strong trend.
As BNB's price is currently in a downtrend, the higher ADX suggests that bearish momentum is intensifying. If this trend continues, the price may face further downward pressure.
BNB ADX. Source: TradingView
ADX, or Average Directional Index, measures the strength of a trend, whether it is bullish or bearish. A value above 25 indicates a strong trend, while a value below 20 indicates a weak or unclear trend.
BNB ADX is at 31, confirming that the downtrend is strengthening. Unless a reversal occurs, the market may continue to face selling pressure in the short term.
The BNB Ichimoku chart shows bearish signals.
BNB's price is currently below the Ichimoku chart, indicating it is in a bearish phase. The green span of the cloud has thinned and is losing momentum, while the leading span line appears flat.
This situation indicates that the upward trend is weakening; if the price attempts to recover and rises above the cloud, it may encounter resistance. Additionally, a price drop below the cloud indicates increased selling pressure, which may further push prices down in the short term.
BNB Ichimoku Cloud. Source: TradingView
From the indicator lines, the Tenkan-sen (blue line) is below the Kijun-sen (red line), confirming the presence of bearish momentum. The gap between the two lines indicates that the downtrend is strengthening, as the short-term Tenkan-sen continues to remain below the slower Kijun-sen.
The red color of the cloud further supports this bearish outlook, indicating negative market sentiment. If BNB fails to break through the cloud, it may continue to face selling pressure, and its price could test lower support levels in the near future.
BNB Price Prediction: Will BNB fall below $600 in December?
BNB EMA lines show a death cross formation, which is a bearish signal as the shortest line has crossed below the other lines. This technical pattern is often seen as a sign of weakening bullish momentum, suggesting that BNB may face further declines.
If the current downtrend continues and the support level at $647 fails to hold, BNB's price may experience a larger drop, potentially testing $622 or even $593. These levels represent key support areas critical for determining the strength of the downtrend and the likelihood of further declines.
BNB Price Analysis. Source: TradingView
However, if market sentiment changes and the downtrend reverses, BNB may find support at the $647 level and rise to the resistance level of $687.
Breaking this level could signify a reversal of the current downtrend and pave the way for BNB to test higher levels (like the resistance at $761).
