BNB price showed a neutral trend in the first month, indicating weak price action for altcoins in the crypto space. However, as volatility in the market increased, bulls regained momentum and rallied by 113.5% in the following month, leading the altcoin to record a yearly high of $635.
BNB Price Analysis
Thereafter, bulls lost momentum and fell towards the lower support level of $497.5, losing 21.65% in valuation. Since then, Binance price has been trading in a comprehensive range between $497.5 and $635.
Moreover, the Simple Moving Average (SMA) recorded a bearish crossover in the price chart, indicating a negative outlook for the altcoin in the future.
The technical indicator MACD shows constant red bars on the 1D timeframe, indicating an increase in bearish sentiment in the crypto space. Moreover, the averages show negative price sentiment, indicating weak buying and selling pressure on BNB price.
Will BNB price rise further?
If the market holds the price above the $568 support, the bulls will regain momentum and Binance Coin will test its $635 resistance level. Maintaining the price at this level will lay the foundation for the BNB token price to try to test its previous high of $690.9 in the coming weeks.
On the contrary, if the bulls fail to maintain the price above the $568 support level, the BNB token will start trading under a bearish influence and fall towards the important support level of $497.5 this month.
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