Trapping many sellers around $610 last Friday, BNB bounced sharply and retested a key level. A break through this resistance should mark an end of the correction while it signals a fresh buying phase daily.
As altcoins take the stage amid fresh market recovery since yesterday, BNB touched $700 and briefly retraced to where it is priced at $690.
Despite the slight decrease in the past hours, there is a conviction for more recoveries following yesterday’s bullish engulfing closing on the daily chart. That should surface once it finds a key support on the hourly.
But from the look of things, BNB may face a small hurdle at the falling resistance line, suppressing bullish actions since the start of the month. A cross above this dynamic resistance would confirm a new rally capable of surging the price to $900 and potentially $1k in the near future.
Looking back to where the price bounced back last Friday, the sellers appeared trapped following this week’s increase. Failure to break through the falling resistance line may result in another drawdown in the form of lower lows and lower highs. The daily volume indicator is currently down but we can expect more bullish actions soon.
BNB Key Level To Watch
Source: Tradingview
While the important $700 level is posing threat to the bulls, a significant increase above it could trigger a break through the falling resistance to tap last week’s $737 high. Higher levels for tests are $793.8 and $800.
Aside from last week’s $613 low holding as support for the market, the $642 level is considered a close support for drops. If all these levels flip, the broader correction levels for support would be $600 and $544.
Key Resistance Levels: $737, $793.8, $800
Key Support Levels: $642, $600, $544
- Spot Price: $690
- 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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