BNB remained in the middle of consolidation since the price crashed in June. It showed strength this week and now approaching a key resistance level with a 10% gain in five days. A potential reversal is in play.
After pulling back for a week, BNB found support on Wednesday and started to increase by the day. It encountered minor resistance at $247 yesterday and dropped slightly to $245 at the time of writing.
The latest positive actions indicate that the bulls are now showing interest in price as the demand level raises. Although the momentum is not strong enough at the moment. We can expect a big price movement if the price pushes above the resistance trendline drawn from April’s high.
While in the middle of consolidation for weeks, it has formed a double-bottom pattern on the 4-hour chart. A notable increase above $260 should confirm a rally towards the resistance trendline on the daily chart.
Considering a complete reversal pattern for this asset, the price must recover fully to April’s high before breaking out of the structure for a long-term bullish. For now, BNB is still in a bearish zone. The price is currently down by 30% from its yearly high.
BNB Key Level To Watch
BNB’s immediate resistance is located at $252.8, followed by $260. The next key resistance to watch out for a breakout is $270, which coincides with the descending resistance line. If the price flips, we can expect more increase to $2823.2 and $300, where the price collapsed last month.
There’s close support at $240 in case of a pullback. If the price drops below the $220 level that serves as the current yearly low, we can expect a dip to $200 or even lower.
Key Resistance Levels: $252.8, $270, $283.2
Key Support Levels: $240, $220, $200
- Spot Price: $245.5
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.