BNB’s next major move looks dicey on the daily chart due to volatility shrinking in the past week. However, its long-term bullish trajectory remains valid as the price has floated around $700 for the past few days.
BNB’s overall outlook is still considered bullish on the daily chart, but the past month’s correction has subjected the market to a slight bearish phase, and as we can see, the price is looking weak on the short term.
Crossing over into this week flat, the crypto initiated a drop and crashed to a low of $660 on Monday. However, the price recovered fast from that low and managed to close above the $700 level that same day.
This brought a small relief in the market and the price remained calm ever since. But things have turned negative in the past hours due to the latest weakness. A further drop may result in a serious pain capable of sending the asset to a new month low.
As of now, the buyers are off the market. If they manage to step back, BNB may surge through the $200 level. Even though that happens, it must increase above the December high before confirming major moves.
There’s nothing much to expect now as the price remains flat daily. A notable surge from the current trading level would determine where it will likely head next.
BNB Key Level To Watch
Source: Tradingview
Now that the daily price is weak, BNB may slide through the weekly $660 support to test a minor level of $630. The subsequent support levels to watch for a further dip are $618.7 and $593.
If the bulls push above the $700 level, the resistance levels to consider for an increase would be $745, followed by hidden resistance of $760 and $793.8, where a major breakup lies.
Key Resistance Levels: $700, $745, $793.8
Key Support Levels: $660, $618.7, $593
- Spot Price: $690
- Trend: Neutral-Bullish
- Volatility: Low
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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