BNB’s price just broke out to a new monthly high after a slight pause in buying. Following this latest move, it will likely show more strength in the next few days as it sees a 30% recovery in two weeks.
Following recent price recovery across the crypto space, BNB ended last week strong after reclaiming some crucial levels lost during the bearish correction phase.
It reiterated actions this week and surged significantly to the $587 high on Monday. Due to a rejection, it halted buying pressure and dropped to a low of $554.4 the following day. BNB picked briefly up from that low and remained calm throughout yesterday.
It traded calmly today but broke to a new multi-month high a few hours ago. This breakout has generated a more positive sentiment; from the look of things, it is expected to last long following recent bullish footprints in the market.
However, a drop from the current trading level could bring a slight retest at the flipped Monday’s high. A monthly close under $500 could result in another collapse. As of now, there are no signs of drops in the market.
Regardless of the above, BNB is considered bullish on the macro level with a potential huge rally from a long-term perspective. It remains one of the most promising cryptoasset to watch during this bull cycle.
BNB Key Level To Watch
Following a V-shaped bullish formation in the last two weeks, BNB looks poise for more gains and is currently targeting the $634 resistance. Above this resistance, the $660 and $692 levels are the next resistance to keep in mind.
If the price drops, it may revisit the $587 and $560 support levels. Below those levels lie $530, $508 and $455 – considered as the monthly low.
Key Resistance Levels: $634, $660, $692.
Key Support Levels: $587, $560, $530.
- Spot Price: $596.8
- 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.
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