BNB Price Prediction: A Decline Below $500 Is Looks More Likely Than Not

Summary:

The BNB price prediction on the BNB/USDT chart indicates that a breakdown of the support levels could lead to a decline below $500.

The price action for the BNB/USDT pair shows that the pair is at crossroads this Monday, as risk aversion takes control of the markets ahead of the Christmas holiday. The 2.79% decline on the day takes the price action closer to our BNB price prediction of last week following the decision of the Binance exchange not to pursue a Singaporean crypto license.

There is not much going on for Binance Coin in terms of fundamentals. This is why the token continues its gradual but steady slide to the $500 mark. With a little over a week left in the year, what is the BNB price prediction for this period?

BNB Price Prediction

The intraday decline has violated the ascending trendline that cuts across the lows of price from 16 October to date. This decline is now challenging the resistance at 511.3. If the bulls fail to defend this support, a run towards 481.2 cannot be ruled out. Below this new pivot, 450.9 and 427.6 are potential support targets to the south.

On the other hand, a bounce on the current support at 511.3, backed up by the ascending trendline, allows 558.1 to come into the picture once more as a role-reversed resistance. If the bulls push the price beyond this point, 605.0 and 634.3 become new targets to the north.