Amid the latest market evaporation, Binance BNB suddenly increased and broke out to a symmetry triangle following an insane weekly gain. While it aims to reclaim the previous high, we may see a slight pullback before rallying hard.
Following several higher lows and lower highs formation in the past months, which brought a small recovery in BNB’s price, trading reached a tight range and the price contracted due to an extremely low volatility.
This subjected the market to a consolidation phase for a couple of days, but fortunately, the market landscape changed this week and the price began to recover after locating new support at $560.
Yesterday, the price increased suddenly and broke out of a two-month consolidation phase to a daily high of $628.7. While that breakout signals a fresh bullish move, we can expect a bigger price movement in the future.
Rejecting the current daily high, the price dropped briefly but is still holding well above the key $620 level at the time of writing. Losing this key level may trigger more pullbacks to the flipped $606 level before advancing higher.
It is important to note that the market structure has completely shifted in the lower time frame following the latest surge in volatility. Nevertheless, BNB’s structure looks bullish on the daily timeframe.
BNB Key Level To Watch
While the latest surge is generating a lot of bullish sentiment, the next target resistance to watch for an increase is $635, followed by $645. A cross above it should confirm a bullish continuation to $669 and $692 in the near term.
Aside from the $606 level considered as close support for a pullback, the lower support level to keep an eye on for drops is $587. Below it lies $560, located under the symmetry triangle.
Key Resistance Levels: $635, $645, $669
Key Support Levels: $606, $587, $560
- Spot Price: $621
- Trend: Bullish
- 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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