Bitcoin’s price is performing poorly below the $60,000 level, while BNB is struggling at the $500 level. BNB has been on a downtrend due to the resistance it is facing at the 200-day Exponential Moving Average (EMA). If the price drops below $500, the altcoin could be pushed lower.
While the price of Bitcoin (BTC) remained below $ 60,000, the recovery process in the altcoin market took a big hit. Investors who expected an increase in the last 24 hours experienced liquidations of $ 137 million, which increased the downward pressure on altcoins. In this context, it is wondered whether the price of Binance's altcoin BNB (BNB) will be able to withstand the increasing supply pressure.
BNB,$BNB
The long-tailed candlestick formation continues to stay above the $450 psychological level. The price made a V-shaped retracement to the $500 level and above the 200-day EMA, but this bullish rally could not absorb the supply pressure above the 200-day EMA, resulting in a 3.78% drop on Sunday. This led to a retest of the $500 level, and warnings were made that the price could fall to $455. The high price rejection in Sunday’s candlestick revealed additional supply from the 50-day EMA, which caused the recovery rally to end with a sudden reversal.
The MACD and signal lines are in the process of stopping the positive crossover with the decline in BNB’s price. The sudden increase in supply is delaying the positive signal from the MACD indicator. BNB’s failure to stay above the 200-day EMA and the upward rejection from the 50-day EMA indicate a bear cycle.
The Question of Whether BNB Can Maintain the $500 Threshold
According to Fibonacci levels, the price of BNB failed to stay above the 23.60% Fibonacci level, which caused a rapid decline. Currently, BNB is fluctuating around the psychological level of $ 500. A drop below this critical level could initiate a free fall movement for the altcoin. The next support zone for BNB is between $ 455 and $ 450.
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