BNB Price Analysis

BNB has seen considerable market volatility over the past week as buyers and sellers battled for control. Last week, BNB has been trading almost constantly between the $560 and $590 support levels. After ending the last week on a positive note, BNB fell 0.91% as it failed to break above the 20-day EMA. There was a slight gain on Tuesday, but as bearish sentiment grew, BNB fell 4% on Wednesday and bears broke below the $560 support level. In the current trading session, BNB continued to fall and the price also fell below $550. Currently, the cryptocurrency is trading at $534, down nearly 4%.

With the bears successfully breaking above $560 and $550, we may see BNB fall all the way to $500 and possibly find support there. If we do see a bounce, it may indicate strong demand at lower levels. However, bulls must push BNB above $560 and $600 to indicate that the correction is over. Overall, the signal is bearish for BNB, with the RSI approaching a lower level and the MACD also showing a bearish signal, as shown in the above figure.

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