After exploding massively near its all-time high, BNB halted the rally and started to fade out. It broke down this week and lost about 10% of its valuation. Despite the reductions, the trend remains bullish weekly.
Last Saturday, BNB reached a local peak of $643 after doubling its price in a month. Unfortunately, it rejected that peak and dropped slightly due to the correction across the crypto space.
Selling volume increased this week and the price plunged to $496. It bounced off this level overnight and traded calmly at $527 due to a slight break in selling.
This setup looks more like a retracement on the daily chart. But on the hourly chart, the trend appeared to have shifted in favour of the bears. We can expect bigger drops if they continue to mount pressure.
Looking at the bigger picture, the trend is still considered bullish on the weekly graph. An impulsive movement is expected once it finishes retracing. The key level to watch for a rebound is $428. A drop below this level could result in a more bearish condition.
As BNB remains calm, the price is likely to retest the weekly breakdown support as resistance before resuming the next leg down. As of now, there are no signs of buyers in the market. It is important to note that the bearish party is not over yet. More dips lie ahead.
BNB Key Level To Watch
If the price drops below $520 and $496 – the current weekly low, the immediate support to watch is $489.6, followed by $460. The major support for a rebound is $428.
The potential resistance to consider for a retest is $564. A push above this resistance could allow more recovery to $600. The key resistance level to watch for a break-up is $633.5.
Key Resistance Levels: $564, $600, $633.5
Key Support Levels: $489.6, $460, $428
- Spot Price: $528
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!