Despite posting over 20% loss in three weeks, BNB’s market structure remains bullish on the macro level. Although the bears are technically taking charge, they will likely reach an exhaustion point soon.
Along with other major altcoins, BNB registered a lot of loss over the past week, breaking below the key psychological $600 level to a new multi-week low of $551 yesterday.
It appeared weak on the weekly outlook but has seen a slight bounce off this low to where it is changing hands at $578. While it is struggling to come back, there’s not much buying volume in the market.
Should the multi-week low continue to act as temporal support, BNB may retouch the mentioned psychological level before resuming drops. And if that comes into play, we can expect a selling extension in no time.
However, a larger cap coin like BNB has not seen major drops since the entire crypto market correction started in March. If it continues, the asset may provide a discount of $440, which broke out a few months back.
Keeping in mind that market sentiment is likely to change anytime soon, BNB’s price may recover above the March high with a massive surge. This would bring a reversal in the trend if the recent low holds well.
BNB Key Level To Watch
Following a slight bounce, BNB is now facing an immediate resistance of $587. A push above this price level should pave the way for more increases to $614.4 and $631.4 in the near term.
While the $560 and $551 levels are still providing support, a dip below these levels could facilitate more sell-off to the $536.7 support. Below this support level lies the important $500 level that was held as support in March.
Key Resistance Levels: $587, $614.4, $631.4
Key Support Levels: $560, $536.7, $500
- Spot Price: $578
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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