As the BSC chain attracted high volume inflow in the past few days, BNB’s price increased notably and broke out of a descending resistance line. It saw a rejection and now looks stalled under a key psychological level.
BNB struggled for growth and at the same time suffered serious volatility in the past months. However, it has seen double-digit gains today and is now looking set for a big move.
Following the recovery from $202 in October, it encountered resistance at $262 and retraced downward. It later bounced back and rallied through that resistance, validating an inverse head and shoulder pattern to a daily high of $303.
Similarly, that triggered a breakout of a descending resistance line that suppressed buying pressure for almost two years.
The current breakout, which was characterized by an engulfing candle, indicates that buyers are gaining control on the daily chart. If the price surges, we can expect more resistance levels to flip in the coming days.
In the case of a further rejection from the current daily high, the price may pull back to the descending resistance line for support before resuming bullish.
With the latest surge in volatility, BNB might see a massive gain from a short-term perspective. An increase in volume could put the asset back in its fourth position, where SOL currently sits. It is ranked the fifth largest crypto by market cap at the moment.
BNB Key Level To Watch
If the price climbs above the current daily high of $303, the next resistance level to watch would be $310 and $317 before soaring to $329.
The immediate level to consider for a pullback is $285.8. If the price fails to rebound, the lower price level to watch for drops would be $272 and $262.
Key Resistance Levels: $303, $310, $317
Key Support Levels: $285.8, $272, $262
- Spot Price: $296
- 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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