Amid this week’s drop, BNB halted bullish and slightly took a downturn after facing a key resistance level. The price is now looking weak after shedding roughly a 3% loss since Monday. It still trades in a bullish zone.
The past three weeks saw BNB through an insane 30% increase after correcting lower for a whole month. This increase brought notable buying pressure back into the market, but the price has yet to recover fully.
However, things have slowed down a bit this week following the latest drawdown across the global crypto space. The overall BNB outlook is still very bullish on the macro level, but the bears may gain control again if the short-term selling resurfaces.
There’s a high probability for a bullish continuation if the market locates support above the May-June low. A potential bounce from this low could activate a fresh buy to the top before rallying hard. However, due to the recent reduction in the global market, the price is in favour of the bears.
Taking a close look at the daily price chart, BNB’s volume indicator is still on the fall despite a recent price recovery. If the volume continues to flatten, the price will keep dropping until it finds a solid ground.
BNB Key Level To Watch
Source: Tradingview
Now that BNB’s supply level is rising again, the target support level to watch for a drop is $560. An extension from there could bring us to the $530 support, followed by April’s $508 low.
In the meantime, the $605.6 level would continue to serve as a crucial resistance for buying. A push above this level would facilitate a quick surge to the $634 and $660 resistance. Further surge could propel buying to $692 and $725, where the main breakout lies.
Key Resistance Levels: $605.6, $634, $660
Key Support Levels: $560, $530, $508
- Spot Price: $583.8
- 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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