After staying calm for a week, BNB found support and resumed buying pressure earlier today. The gains quickly washed following a sudden price drop. It lost 3% in the past two hours and now looking weak.
A month ago, BNB dropped to as low as $225 after a failed attempt to push through the $272 level. It entered a small consolidation phase and remained indecisive for days.
The price later moved out of the consolidation phase and increased for two weeks to test a crucial resistance line, as shown on the daily chart. That increase led to a slight break above the previous resistance level.
It pulled back from the resistance line and found support above the $260 level. The coin initiated another surge and flipped through this crucial resistance line to mark a new multi-high at around $338 last week.
That multi-high level was rejected and the price slipped to a low of $306. It held this low-price level as support and quickly bounced back in the early hours of today, signalling a fresh increase.
But unfortunately, the bears intercepted buying and the price dipped to $293.6 just two hours ago. it recovered quickly to where it is changing hands at $307 at the time of writing.
While the market is highly volatile at the moment, a daily candle close above last week’s high will confirm more upward movement.
Looking at the current price actions, the bears appeared back in action – more selling could take place. The broken resistance line may be retested if BNB continues to lose ground.
BNB Key Level To Watch
If BNB manages to recover above the immediate resistance of $317, it must climb above the $325 and $338.5 levels before considering more upside movement.
The closest support level for the bears right now is $303. A dip below the daily low could plunge the price to $285.8 and $272, retesting the broken resistance line.
Key Resistance Levels: $317, $325, $338.5
Key Support Levels: $303, $285.8, $272
- Spot Price: $307
- 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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