Binance Coin (BNB) Price Prediction: BNB Retraces to Key Support Level of $491, Will the Rally Continue?

BNB price's approach of its support zone at $491.5 could propel it into an upward trend if held in a strong enough manner.

BNB price analysis reveals a potential reversal from a key support level. Despite the bullish outlook, investors are keeping an eye on possible future bearish signs.

BNB price showed signs of a potential reversal from a key support level. The world’s fifth-largest cryptocurrency by market capitalization seemed to be headed towards a crucial decision point. At the time of writing, BNB was trading at a 0.1% loss over the last 24 hours and up by 3.2% over the last seven days.

However, the token was seen to be pivoting at a make-or-break support level. This level has been tested multiple times over the last three months and has acted as a solid base for bull reversals. Nevertheless, BNB’s price action seemed to suggest that the rally may continue.

BNB 4-hour price chart (Binance) on TradingView

BNB price analysis: Key technical levels to watch

BNB price analysis on the 4-hour chart highlighted a key support level at around $491. This level has been tested multiple times and has acted as a solid base for bull reversals. A bounce off this level could propel BNB into an uptrend.

However, the 4-hour Relative Strength Index (RSI) was seen to be flattening out after a recent rally, indicating a possible slowdown in buying momentum. Additionally, the 4-hour Moving Average Convergence Divergence (MACD) was seen to be bearish, indicating a possible downtrend.

BNB price analysis: Net flows, liquidity, and traders’ sentiment

BNB price analysis on AMBCrypto highlighted net outflows from Binance, indicating a possible selling pressure. However, these outflows could also indicate potential accumulation around the $491 support level.

Furthermore, AMBCrypto’s analysis of liquidity data from Coinglass highlighted areas of high liquidation pressure, which could lead to volatility spikes.

Coinglass’s heatmap also underlined dense areas of liquidations by price, which could produce major price swings either way. This intensified liquidation could indicate a possible trend change, as margin calls are observed too.

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