BNB appeared set for another leg up following a 6% increase in a week. It broke out of a symmetry triangle and now looks a bit strong on the day. The bulls are in control but trading volume seems low at press time.
The last four weeks of trading have been a slow-down period for BNB as it underwent healthy corrections. Despite that, its bullish trajectory remains intact on the mid-term outlook as it recently found support a solid ground.
Forming a complete bullish pennant during this correction period, the price squeezed for five days and broke out strongly yesterday. It pushed higher today and tapped $618, though the price is now down due to a slight rejection.
A further drop from the current trading level could trigger a small pullback on the lower time frame before resuming bullish at full speed.
With the latest buy setups, the bears might find it difficult to come back. And even if they do, they must pull the price beneath March’s low to gain control.
While March’s high is considered an important resistance level for the bulls, we can expect an explosion if they manage to surpass it. Right now, the buying volume is technically low on the daily chart.
BNB Key Level To Watch
Now that the price is up, we can expect more buys towards the $645 resistance in the coming days. Breaking it could rally the price to $669 and potentially $692.
The $600 level is currently held as hourly support, a drop below it could roll the price back to weekly support of $568. Below this support lies the current monthly low of $536 and last month’s low of $496.
Key Resistance Levels: $645, $669, $692
Key Support Levels: $600, $568, $536
- Spot Price: $606
- Trend: Bullish
- Volatility: Moderate
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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