CandleFocus BNB Price Analysis: Bearish Momentum Builds After Recent All-Time High
2024-12-10
Author: Content Editor
The price of BNB (Binance Coin) reached a new all-time high but is now facing a downtrend. Technical indicators, such as the ADX, suggest that the bearish momentum is gaining strength and there is potential for further downward movement in the short term. The price is currently below the Ichimoku Cloud, indicating a bearish phase with increasing selling pressure. The ADX is at 31, confirming the strengthening downtrend. The EMA lines also show a bearish signal with the formation of a death cross. If the downtrend continues, BNB could test lower support levels such as $622 and $593. However, if market sentiment shifts, BNB could find support at $647 and rise toward resistance at $687 or even $761.
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