Despite Binance Coin (BNB) attempting to break out, factors like negative Funding Rate and sentiment suggest a potential drop to $561.

Challenges in BNB Breakout

Based on the 4-hour chart analysis, BNB's breakout efforts may be fruitless. The current price of BNB at $586 shows hesitation between bulls and bears based on the 20 EMA and 50 EMA positions.

EMA Indicators and Market Direction

The 20 EMA crossing over the 50 EMA could push the price towards $593, but it is more likely to drop to $561. The last golden cross occurred at this level. Additionally, the Money Flow Index (MFI) also points towards a decline in buying pressure for BNB.

Persisting Bearish Sentiment

Multiple sources, including on-chain data, support the bearish view on BNB's price movement.