The price of BNB has repeatedly failed to turn the resistance zone between $575 and $619 into support.
So far, BNB has only managed to breakout once, making it difficult to achieve another breakout. This resistance remains a significant obstacle preventing the cryptocurrency from maintaining sustained upward momentum.
BNB Spots Potential Bearish Signals
The overall macro trend of BNB shows mixed signals . Technical indicators such as the Moving Average Convergence Divergence (MACD) suggest that the uptrend is gradually weakening. BNB is likely to break the $550 resistance, but will struggle to surpass the $580 level.
Despite some upside, BNB’s momentum is not expected to last beyond $580. The cryptocurrency has struggled to sustain gains above this level, and current indicators suggest that this pattern could repeat.
Read more: How to Trade Cryptocurrency on Binance Futures: Everything You Need to Know
The market sentiment for BNB is clearly bearish with very negative funding rates. Traders have become more bearish on BNB than they were in the past two weeks. The continued pattern of failed breakouts has traders expecting a price drop, which has led them to position themselves for the eventual downside.
This bearish sentiment creates an additional obstacle for BNB price gains . With many traders already anticipating a reversal, it may be difficult for the altcoin to build the momentum needed to break above key resistance levels.
BNB Price Prediction: History Repeats Itself
At the time of writing , BNB is trading at $545 and is expected to break above the $550 resistance. However, the altcoin is likely to struggle as it approaches the $575 to $619 resistance zone. The upside momentum is not strong enough to allow BNB to break above this level, which could potentially lead to a reversal.
Considering these factors, BNB is likely to fall back to $550 after failing to sustain its gains above $580, which reduces the chances of reaching $600 in the short term.
Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030
However, if the market situation turns more bullish, BNB could still break above $580, a level it has broken several times in the past. In this scenario, BNB could reach $600, invalidating the current bearish outlook.
