Looking at the daily BNBUSD price chart above, the BNB price reached a high of $597 on August 23. While BTC and ETH saw significant gains over the weekend, breaking the $64,000 and $2,700 levels respectively, the BNB price has been stuck in a downtrend since rejecting the $600 resistance level last Friday.
At the time of writing this article on Thursday, August 28, the BNB price is trading in the $553 range, down 15% from last week’s high.
However, when it comes to the price prediction for the coming week, technical indicators suggest that BNB is likely to break out of the downtrend at any moment and reflect the broader crypto market upswing.
BNB Price Prediction: Resistance at $600 May Give Way
BNB has witnessed a significant decline of 15% from last week’s high of $597 and has fallen to the $532 level. Despite this decline, technical indicators suggest that the bulls could defend the crucial $500 support level, potentially setting the stage for a recovery.
The Bollinger Bands indicate that the BNB price is currently fluctuating near the lower band, a zone that often indicates oversold conditions. Historically, BNB tends to rally when it approaches this lower band, suggesting a potential support level at around $500.
