BNB Price Prediction: Bulls Need to Preserve the 558.1 Support To Stop the Slump
The BNB price is set for a 5th straight losing day, solidifying BNB price predictions to the downside.
The drop in the BNB/USDT pair comes off a steep selloff on Saturday, as the bears try to overcome the bullish rejection of the dip on that day. The drop looked imminent when the price action on the daily chart showed progressively lower highs.
Despite the slump, the company continues in its quest to get a physical location and an accompanying license. With Ireland now firmly on the company’s radar, the company’s quest for a UK license has kicked off in earnest.
BNB Price Prediction
The decline below the 558.1 support has opened the door for a retest of the 511.3 support level (18 November low). Saturday’s drop violated this level, but the bulls rejected this slump, thus preserving the support. A breakdown of this level with a 3% downside closing penetration takes out this pivot and brings 481.2 and 450.9 into the picture as additional downside targets.
On the flip side, the bullish bias is only restored if the bulls can take out progressive resistance levels at 605.0, 634.3 and 669.6. This resets the price action to target new all-time highs. This sentiment requires the bulls to preserve the 558.1 pivot with a daily close above that level.