Amid the latest recovery in the crypto space, Binance Coin is not left out rally as it continues to recover strongly toward a key resistance level.
This week’s trading will round up in a few hours. BNB continues to show a sign of strength and may reiterate the positive actions in the coming week.
BNB’s daily structure appears strongly bullish because it regained momentum at the beginning of the year. Despite this massive recovery in the past few days, the asset is still looking bearish weekly. This current rally should not be considered a bull run but a correction.
Meanwhile, the past weeks of dramatic increase have put the price currently at $274. The recovery started after the price fell to $220 during December 2022 meltdown.
While Lido DAO – LDO is the top-gainer of the week, BNB has also emerged on the list with a 13% recovery. The price is surging with targets at $284, where the price broke down in late 2022.
If the price fails to increase above this target level and starts to fall again, BNB will continue to form the lower low and lower high pattern that started at $400.
BNB Key Level To Watch Out For
Having said that, the support to watch is right inside the orange zone at $260, followed by $250 below it. If the price continues to drop, the support level to consider is $240. Below this support lies $228.
Along the way up, it may encounter resistance at $277 before rising to $284.4. An increase above it could trigger a reversal for BNB. However, the key resistance level to watch above it is $290 and $300.
Key Resistance Levels: $284.4, $290, $300
Key Support Levels: $260, $250, $240.1
- Spot Price: $274
- 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.