bullish

Bitcoin

Reversal

The post <a href="https://coinpedia.org/price-analysis/will-bnb-price-reversal-crackdown-bullish-fort-at-500/">Will BNB Price Reversal Crackdown Bullish Fort At $500?&nbsp;&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
With the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> struggling under the $60K mark, the recovery run in the altcoins market takes a huge hit. As buyers suffer $137M in liquidation over the past 24 hours, the bearish pressure grows over the altcoins. Will the BNB price trend survive the growing supply pressure? 
<h2 class="wp-block-heading" id="h-binance-recovery-halts-at-200d-ema">Binance Recovery Halts At 200D EMA</h2> 
With a long-tail candle formation, Binance holds dominion over the $450 psychological mark. With a V-shaped reversal, the <a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/">BN</a><a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/" target="_blank" rel="noreferrer noopener">B </a><a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/">price</a> resurfaces above the $500 milestone and the 200-day exponential moving average. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdFfh0-Dt7W-G5lkVhJVrTfCN4sVc5Z-Qgajpzwbwat4sfsHMo8ZIAi5doXVyQJ4eH7k5LALHviR9oZMTikEvhXWCy6rkNoS5uCIgTZNHk1CXGHLUbEuArC5SUW71oaREkHw7AREuJFqSJ5_N1iCYHZ4HI?key=4YHgvILVp-Ie90AFxO0crQ" alt="">
</figure> 
<a href="https://www.tradingview.com/x/kNAFtLQL/">Tradingview</a> 
However, the bull run fails to absorb the overhead supply pressure above 200D EMA, resulting in a 3.78% drop on Sunday. The bearish comeback stresses the $500 mark and warns of another drop to the $455 mark.&nbsp; 
Furthermore, the higher price rejection in the Sunday candle reveals additional supply incoming from the 50D EMA. This led to an abrupt reversal in the recovery run before reaching the overhead trendline. 
Currently, the BNB price trades at $507.9 with an intraday move of 0.81%, resulting in a Doji candle. Thus, the candle reveals a bullish attempt to hold onto the psychological milestone..&nbsp; 
Technical indicators: 
MACD Indicator: The MACD and signal lines are on the verge of a positive crossover halt as the BNB price drops. Hence, the sudden supply surge delays the positive signal from the MACD indicator.&nbsp; 
EMA: &nbsp;The bullish failure to sustain above 200D EMA and overhead rejection from the 50D EMA warns of a bear cycle.&nbsp; 
<h2 class="wp-block-heading" id="h-will-bnb-price-sustain-500">Will BNB Price Sustain $500?</h2> 
As per the Fibonacci levels, the BNB price fails to hold above 23.60% Fibonacci, resulting in a quick crash. Further, the downfall is hanging by a thread near the $500 psychological milestone. Hence, a downfall under the psychological cushion could kickstart a freefall move in the Binance coin.&nbsp; 
The next support zone for the BNB token is between the $455 and $450 levels.&nbsp;&nbsp; 
Read Also: <a href="https://coinpedia.org/price-analysis/ethereum-price-retests-2-5k-level-amid-bear-market-whats-next/" target="_blank" rel="noreferrer noopener">Ethereum Price Retests $2.5K Level Amid Bear Market, What’s Next?</a>

Will BNB Price Reversal Crackdown Bullish Fort At $500?

Table of Contents

CoinPedia News

Other articles published on Aug 12, 2024

Venezuela Blocks Access to Binance and Social Media Platform X Amid Political Tensions

Ripple Ordered to Pay $125M in Securities Law Violation Case, Possibly Ending SEC vs. Ripple Conf...

Pump.fun's High Failure Rate Revealed: 98.6% of Memecoins Never Launch

Ethereum Leads Gains in Recent Crypto Market Correction

Crypto Market Crashes: Bitcoin Falls 16% and Ethereum Plunges 22% Amid $1B Liquidations

Judge finds Ripple Labs liable for $125M penalty in SEC case: Law Decoded

Join our free newsletter for daily crypto updates!