BNB Price Analysis: Bearish Momentum Builds After Recent All-Time High 📉

The BNB price, after reaching a new all-time high on December 4, is experiencing a downturn as bearish momentum builds. A significant rise in BNB's ADX from 12 to 31 highlights this trend, suggesting continued downward pressure. The Ichimoku Cloud and EMA Lines also indicate weakening bullish signals.

The price is below the Ichimoku Cloud, showing diminishing bullish signals and facing more selling pressure. A potential test of lower support levels is possible, and if the trend persists, further price corrections could happen. The strengthening ADX suggests a well-defined downtrend, requiring reversal for recovery.

The Ichimoku Cloud's signals confirm a bearish phase, with the leading span lines appearing flat and the cloud's green span thinning. Market sentiment remains negative, and without breaking above the cloud, BNB might continue facing selling pressure and testing lower levels.

Incidences of potential price drop below $600 are posed by the bearish EMA Line signals. If the current negative trend continues, BNB’s price could drop, testing key support levels at $622 and $593. However, a sentiment shift could find support at $647, leading towards $687 resistance.