BNB’s price is reaching a crucial breakpoint again after experiencing a steady increase from a five-month low. A big move lurks around the corner as the price approaches a key resistance level.
Following a sudden price rejection at exactly $400 earlier this month, BNB faced a lot of hurdles but increased steadily until the price reached a peak of $585 today. It has recovered well from the monthly breakdown and is now set to break above the $600 level.
This key level corresponds with the previous monthly $605 high and from the look of things, the price may flip through this confluence price area to activate a fresh bullish movement on the daily timeframe.
On a short-term scale, BNB is slowly moving out from a bearish zone as the bulls gain control daily. If they fail to push above the key level due to a rejection, the price could roll back until it finds new support.
However, if we pay attention to the recent price actions, which look like a reaccumulation phase, a massive surge in volatility can be expected if the price successfully breaks through the mentioned key level.
Despite the ups and downs in the past months, BNB’s trend remains very bullish on the macro level. But it must retake the yearly high before confirming a continuation of the existing bullish trend.
BNB Key Level To Watch
The main obstacle level for the buyers right now stands at the $605.6 resistance. A break out from there should propel buying to $634, $650 and potentially $700 in the near term.
In case of a rejection, the support levels to consider for drops are $553, $525 and $496. Lower levels for drops are $454.7 and $427.3. before reaching the monthly $400 low.
Key Resistance Levels: $605.6, $634, $659
Key Support Levels: $553, $496, $454.7
- Spot Price: $584
- Trend: Bullish
- Volatility: High
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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