Market Analysis

BINANCE COIN PRICE ANALYSIS & PREDICTION (August 6) – BNB Sees 20% Daily Gain In A Fresh Recovery, Has Selling Ended?

Yesterday, BNB’s price reached an oversold condition after dropping consistently for a week. However, it has recovered significantly from the latest dip but the trend remains bearish on the daily chart.

As the bull run continued to suspend due to the recent major sell-offs across the crypto space, BNB rolled over a week ago and broke through several key support levels to test $400 yesterday, marking its lowest price since March. 

That weekly breakdown brought about a 30% reduction in the value but the price recovered speedily due to a sharp rejection. It is now changing hands at $490 following a significant increase in the past 24 hours. 

Although, BNB still appears much more bearish on the daily timeframe. In fact, things might heat up seriously in the coming weeks following a new bearish formation on the weekly timeframe. 

If this pattern comes into play, we can expect a bigger price dump in the future until it finds a threshold to foot a new rally. The $300 mark is the main sell target to keep an eye on. 

In the latest recovery, there is still room for more increase to the vital $500 level before rolling over again. Activating a strong bullish move from this level should bring a full recovery to the top. But currently, the asset is under the bears’ radar.

BNB Key Level To Watch

Source: Tradingview

While showing signs of strength since yesterday, it may encounter resistance at $508. If it scales through, the next resistance levels to watch for recovery are $553 and $605.6.

At the current trading level, BNB’s closest support is located at $454.7, followed by $427.3 and $400 – the key level that supported the market yesterday. If the price dips below this key level, March’s low would be the next support to watch.

Key Resistance Levels: $508, $553, $605.6

Key Support Levels: $454.7, $427.3, $400

  • Spot Price: $490.8
  • Trend: Bearish
  • Volatility: Low

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

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

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