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Technical Analysis for BNBUSDT for 18th November 2021

BNB Crashes Below $600 and Critical Support, Sellers Target $500

Past Performance of BNB

The Binance ecosystem exemplifies the adaptable state of the crypto market. Central to this expanding ecosystem is BNB.

The coin has in recent years expanded to be a titan in the space, expanding to third in the market cap leaderboard. Even with this mega valuation, it too isn't immune to demand and supply market forces.

BNB prices are currently freefalling, dropping from November highs and clearing critical support lines, especially the dynamic middle BB.

What to Expect of BNB

Binance as a project is exciting and holds potential.

Nonetheless, price action indicates that bears might be taking control.

There is a three-bar reversal pattern marking the peaks of the Bull Run tracing back to late September.

The fall below $600 and middle BB confirms losses of November 16.

This further cements sellers' outlook, increasing the probability of a shake-out that may see BNBUSDT drop further.

The immediate potential support lines lie at $500—marking Q3 2021 highs.

BNB Technical Analysis

BNB prices are cooling off after an exemplary performance in the past four months or so. The contraction from November highs at around $660 may offer an opportunity for position traders to double down.

However, the short-term trend is southwards, presenting entries for swing and active day traders. Since the leg down has high participation levels and prices are trending below the dynamic, multi-week support line, every high may be liquidation entries.

Lower lows may see BNBUSDT sink to $500. On the flip side, expansions above $630 and $660 nullify the bear outlook, swinging to favor buyers.

Resistance level to watch: $600

Support level to watch: $500

Disclaimer: Opinions expressed are not investment advice. Do your research.

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