With the Bitcoin price 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?
Binance Recovery Halts At 200D EMA
With a long-tail candle formation, Binance holds dominion over the $450 psychological mark. With a V-shaped reversal, the BNB price resurfaces above the $500 milestone and the 200-day exponential moving average.
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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.
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..
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.
EMA: The bullish failure to sustain above 200D EMA and overhead rejection from the 50D EMA warns of a bear cycle.
Will BNB Price Sustain $500?
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.
The next support zone for the BNB token is between the $455 and $450 levels.
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