After briefly losing its position to Solana on Monday, BNB’s price fell sharply but later found a solid ground. However, it has reoccupied its spot with a 2% recovery while the overall market continues to shed losses.
Last week’s trading was a bit ugly for BNB as the price fell slightly from a key resistance level after experiencing a three-week recovery. It found support and later bounced into an extremely low volatility
Until now, the price has not changed much as it keeps hovering under the $600 level, although it may break higher soon. The bulls’ footprints are in the market following the last 24-hour increase.
A continuous increase in the price could bring more gains in the next few weeks. The major barrier to this potential bullish movement lies at the $605.6 resistance level (last week’s high. If the price breaks through it, March and June’s high would be the next key target level for buying.
Following a slight drop from the daily high, BNB currently appeared weak on the hourly chart, although we can expect it to resume buying soon. While last week’s bounce level serves as a multi-week low, a drop below it could drag the price back to around $455 – the monthly low area.
BNB Key Level To Watch
BNB’s setup is slowly turning bullish again after a slight pullback. A push through last week’s resistance should send the price to $634 and potentially $660. There’s also resistance at $692 in case of more surge.
If the price drops, the key support level to watch for drops is $553 – last week’s low. Losing this support could facilitate more dips to the $530 and $508 levels.
Key Resistance Levels: $605.6, $634, $660
Key Support Levels: $553, $530, $508
- Spot Price: $585
- Trend: Bullish
- Volatility: Low
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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