Amid this week’s drops, BNB lost momentum and took a downturn today following a notable 5% loss in the last 24 hours. Falling back in a key zone, the price now appears weak daily as it undergoes a correction.
The past month’s recovery has been impressive, but this month’s trading appeared more volatile as the demand level rose. BNB went through small hurdles but it successfully broke out of a crucial resistance zone.
That breakout fueled a little surge after retesting the resistance zone as support. Marking resistance at $687, the price fell briefly and remained calm throughout the weekend.
As the buyers failed to push higher this week, the crypto lost momentum and fell back inside the support zone – marked orange on the daily chart. While the price still appears weak daily, there’s no sign of recovery from the orange zone. Things might get uglier for the rest of the week.
The $600 level is a close support to watch for a rebound. If this key level fails to contain selling pressure, the price may break lower.
While a few top altcoins have exploded to a new high during this month’s rally, BNB is yet to break out of its yearly high as it continues to gather liquidity. It is still holding the fifth position on the market cap since Sol overtook its spot last week.
BNB Key Level To Watch
On the way down, it may face support at $600 before deciding where to head next. A breakdown from this level may result in a serious sell-off to $566 before picking up. Below it lies $543.6 – the monthly low.
If BNB manages to regain momentum, it must first retake the immediate $639 and $660 resistance levels. Moving higher, $687, $700 and $721.8 would be the next resistance levels to watch.
Key Resistance Levels: $660, $687, $721.8
Key Support Levels: $600, $566, $543.6
- Spot Price: $615
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: moxumbic/123RF // Image Effects by Colorcinch