Binance Coin Price Drops to the $520 Levels amidst Increasing Sellers

Binance Coin price fell back from the $600 region at the start of the week and now trades at $532 as we end the week. A strong barrier has been lying at $542, which is preventing BNB from testing $550.

The sellers are winning and trying to defend any upsides that would return the price back to $600. Buyers are strong around $520 and are working hard to prevent any further downsides that would see the coin test the $510 support.

Cryptocurrency heat map. Source: Coin360

Generally, the digital currencies market is trading bearishly as observed on the red cryptocurrency heatmap. Bitcoin and Ethereum have dropped by 6.34% and 5.41%. The worst loser is Solana after it retested the $190 support following a 9% drop since yesterday. 

Binance Coin Price Prediction on the 1-day Chart

The MACD technical indicator has been bearish for the past 2-days, with the histogram exhibiting chances of a downside. If the bulls are unable to neutralize the selling pressure, the posibility of testing August levels ($400 – $460) are high. The market choppiness index is showing an increase on the 4-hour chart as it lies near the 60-index. 

BNB/USD 4-hour chart. Source: TradingView

BNB’s Bollinger Bands are at the time of writing, converging as the price attempts to rise towards $540 once again. Traders are anticipating the price to converge near the mid-line as speculation for high seller momentum heightens.

Meanwhile, Binance Coin price has been fluctuating between a daily range of $523 and $541. The 24-hour trading volume improved by 18.45% and trades at $3.008 billion. Binance Coin is ranked at #3 by market capitalization, which is trading at $89.02 billion. 

Binance Coin Price Prediction

We observed 11 out of the 26 technical indicators showing a sell signal. Only 6 indicators show a buy signal and the rest are neutral. For the past 2-days, Binance Coin has failed to recover the $600 point, and most traders have suffered losses. Meanwhile, we are anticipating a drop in the Binance Coin price for the next 24-hours.