BINANCE COIN PRICE ANALYSIS & PREDICTION (August 29) – BNB Sets For Another Dump Following A 7% Loss In Five Days

0

Amid the latest drops, BNB’s price declined by 3% weekly as it showed signs of weakness on a daily scale. However, it has bounced slightly from a weekly low but is currently footing another bearish move.

Last week marked an end to BNB’s retracement after experiencing a major recovery from $400 earlier this month. After facing a critical resistance at $600, it resumed selling and closed that week in a loss.

The bearish crossover led to more reductions this week and the price fell to $520 yesterday, although the crypto has increased a bit since then and is now briefly changing hands at around $540. 

Due to the drops, BNB’s structure is now considered bearish again. A drop below the important $500 level could set the market up for a bigger crash in the next few days. 

However, holding this important level well could fuel another increase with an inverse head and shoulder pattern on the daily chart. Such a bullish pattern will become valid if BNB successfully flips the critical resistance level that recently triggered drops. 

Now that this resistance has become a tough obstacle for the bulls, BNB may remain bearish in the short term until it finds a breakthrough. As of now, the mentioned monthly low is the major support to watch for the next breakdown.

BNB Key Level To Watch

Source: Tradingview

While yesterday’s low currently serves as temporal support, a drop below it could send the price to $496 and $454.7 by the end of the month. Below it lies $427.3 in case of more dips. 

If the price bounces back, there’s a close resistance at $553 and $575 before pushing to the $605 resistance. A breakthrough that resistance should activate a rally to $634 and potentially $659 within a short time.

Key Resistance Levels: $553, $575, $605.6

Key Support Levels: $520, $496, $454.7

  • Spot Price: $539
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: ivanbabydov/123RF// Image Effects by Colorcinch

About Author

Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry

Leave A Reply