Binance Coin (BNB) Technical Analysis

Binance Coin (BNB)  price dropped from $505.90, showing that these bears are defending the $518.90 resistance.

Binance Coin (BNB)  price dropped from $505.90, showing that these bears are defending the $518.90 resistance. However, BNB failed to drop to the 20-day EMA ($455), which is expected to act as strong support. If the price bounces off the 20-day EMA, BNB price could make another attempt to break through the overhead barrier at $518.90. If they do, it could rally towards the formation target at $554. On the technical side, the ascending 20-day EMA and the RSI in the positive zone suggest that the bulls have the upper hand. This advantage could shift in favor of the bears if the price drops and dives below the MAs. Selling could intensify further with a break below $392.20.