The crypto market continues to display increased price volatility with top altcoins recording constant fluctuations in their respective portfolios. However, top altcoins continue their struggle to hold the price above their important support levels, indicating a strong bearish sentiment.
On the other hand, the Binance (BNB) price continues to display a weak price action by recording a correction of 2.63% within the past day and 2.15% over the past week. Furthermore, it has lost approximately 1% over the past month.
Binance Token Displays A Bearish Price Action:
The BNB price displayed a neutral trend for the first month, indicating a weak price action for the altcoin in the crypto space. However, as the volatility in the market grew, the bulls regained momentum and jumped 113.5% within the next month, resulting in the altcoin recording a yearly high of $635.
Following this, the bulls lost momentum and plunged towards its lower support level of $497.5, a drop of 21.65% in valuation. Since then, the Binance price has been trading in a consolidated range between $497.5 and $635.
Moreover, the Simple Moving Average (SMA) records a bearish crossover in the price chart, suggesting a negative outlook for the altcoin in the coming time.
The technical indicator, MACD, displays a constant red histogram in the 1D time frame, indicating an increase in the bearish sentiment in the crypto space. Furthermore, the averages show a negative price sentiment, suggesting a weak buying and selling pressure for the BNB price.
Will The BNB Price Go Up Again?
If the market holds the price above the support level of $568, the bulls will regain momentum and the Binance token will test its resistance level of $635. Maintaining the price at that level will set the stage for the BNB coin price to attempt to test its previous high of $690.9 during the upcoming weeks.
Conversely, if the bulls fail to hold the price above the support level of $568, the BNB token will start trading under a bearish influence and plunge toward its important support level of $497.5 this month.
