As most altcoins trade at their weekly low, Binance Coin has recovered slightly today and has tapped a 4% gain in the past hours. Although, it’s still under correction but may resume bullish if a breakout occurs.
Since the price fell from a year peak of $338.5 in late December, BNB lost momentum and continued to look for support to resume buying.
Last weekend, it found support at $290 and climbed above the $300 mark level. It pushed higher today and tested a descending trend line – which has been serving as resistance for the past three weeks.
A clear break above this trend line would activate another swing high. Even if that happens, the price must increase well above the recent peak level to confirm a continuation of the existing uptrend.
Otherwise, the price will keep falling until it finds a solid level to initiate a strong buy. The $257 level, which the price surged through (as resistance) during last month’s trading is the dynamic support to watch for a strong rebound.
Failure to produce a rebound may result in more dips. Such a scenario could send the price back in a mid-term bearish zone. Following past months of increase, BNB is considered bullish in the short term.
BNB Key Level To Watch
The price is currently facing a crucial trend line on the daily chart. A cross above this trend line should propel buying to $327 and $338. A new resistance may come around $350 if the price breaks higher.
Rejecting this trend line may result in another swing low. There’s a close support at $303. A further drop from there could trigger a crack below last week’s $290 support to a low of $277.
Key Resistance Levels: $327, $338, $350
Key Support Levels: $303, $290, $277
- Spot Price: $316
- Trend: 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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