BNB continued to struggle with volatility as the price hovers at around $700 for over a week. However, its long-term bullish trajectory remains valid. It is currently trading flat while footing a fresh increase daily.
Last month’s correction slowed down buying after peaking at the $793 level. However, it managed to recover well from a low of $600.
Following the recovery back into the key trading $700 range in late December, BNB’s next move has remained indecisive due to an extreme drop in volatility. Several attempts to move out of this range have proven abortive.
While the crypto found it difficult to overcome $730 last week, the price remains strong weekly while the trend remains in favour of the bulls in the long term. Amid fading negative sentiments, we can anticipate a huge swing high in the coming weeks.
A lower correction could trigger a leg down capable of causing serious pains in the short-term. But looking at the setups, which show signs of bullish, the price will likely explode massively anytime soon.
The build-up is much more likely to go to the upside as the trend is still in favour of the bulls. For such a move, a break above the previous monthly high should set the market up for another rally.
BNB Key Level To Watch
Source: Tradingview
BNB supports are currently held at $683 and $642. If by any chance the price plunges through these levels to $618, the next support to watch would be $600.
For more recoveries, the immediate resistance level for an increase is $737 along with the $793.8 level. A cross above this level could send the price to $800. The higher level to watch for more surge is $900.
Key Resistance Levels: $737, $793.8, $800
Key Support Levels: $683, $642, $600
- Spot Price: $709
- 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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