Binance Coin (BNB) Price Prediction: Technical Analysis Shows Buyers Defended the $600 Support Level

In the last 24 hours, the price of BNB failed to maintain above $600 and dropped below that level. However, buyers strongly defended further drop

The price of BNB dropped further in the last 24 hours as it failed to sustain momentum above the $610 resistance.

What Happened: The sellers pushed the price of BNB below the $600 level, but buyers defended that point and rebounded the price from the lows of the day.

The cryptocurrency is now trading at $606, down 3% in the last 24 hours. The coin has struggled to maintain gains as it faces resistance at the EMA20 on the four-hour chart.

A break above that level could open the door for a move toward the $610 resistance, which could be pivotal in determining the short-term trend.

At the same time, traders are becoming increasingly bearish on BNB, with the long-to-short ratio now standing at 0.8, indicating a slight preference for short positions.

This bearish sentiment is also evident in the decreasing trader enthusiasm, with open interest in BNB contracts falling roughly 3.43% to reach approximately $799 million.

However, it's worth noting that buyers suffered significantly higher losses compared to sellers during the recent liquidation wave.

According to recent data from Coinglass, market volatility led to approximately $1.94 million in liquidations over the past 24 hours. Notably, buyers (long positions) suffered significantly higher losses of about $1.88 million, while sellers (short positions) incurred losses around $58,600.

This aligns with the prevailing market trend, as major cryptocurrencies experienced a decline in the early hours of Thursday. Bitcoin (BTC) fell below the $27,000 mark, while Ethereum (ETH) dropped to the $1,700 level.

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