Yesterday, BNB’s price reached an oversold condition after dropping consistently for a week. However, it has recovered significantly from the latest dip but the trend remains bearish on the daily chart.
As the bull run continued to suspend due to the recent major sell-offs across the crypto space, BNB rolled over a week ago and broke through several key support levels to test $400 yesterday, marking its lowest price since March.
That weekly breakdown brought about a 30% reduction in the value but the price recovered speedily due to a sharp rejection. It is now changing hands at $490 following a significant increase in the past 24 hours.
Although, BNB still appears much more bearish on the daily timeframe. In fact, things might heat up seriously in the coming weeks following a new bearish formation on the weekly timeframe.
If this pattern comes into play, we can expect a bigger price dump in the future until it finds a threshold to foot a new rally. The $300 mark is the main sell target to keep an eye on.
In the latest recovery, there is still room for more increase to the vital $500 level before rolling over again. Activating a strong bullish move from this level should bring a full recovery to the top. But currently, the asset is under the bears’ radar.
BNB Key Level To Watch
While showing signs of strength since yesterday, it may encounter resistance at $508. If it scales through, the next resistance levels to watch for recovery are $553 and $605.6.
At the current trading level, BNB’s closest support is located at $454.7, followed by $427.3 and $400 – the key level that supported the market yesterday. If the price dips below this key level, March’s low would be the next support to watch.
Key Resistance Levels: $508, $553, $605.6
Key Support Levels: $454.7, $427.3, $400
- Spot Price: $490.8
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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