Following a recent monthly bounce back from a key level, BNB climbed back to a three-week high and cooled off due to a rejection. It might resume bearish actions soon but is now in the middle of consolidation.
After the early month dip near $500, BNB saw a quick rejection and bounced back with a small gain. This later led to a recovery and the asset started to show strength on the daily scale. It went on a buying spree for a week and touched a high of $626 last week. A rejection occurred there and the price fell briefly.
The drops led to price weakness in the past of days, but there’s still hope for the bulls as it forms a double-bottom pattern on the daily timeframe.
While the latest weakness has triggered a little setback in the past few days, BNB bias remains bullish from a mid-term perspective. A push above the recently rejected high should validate more upward swing.
On the daily chart, the price is currently in the middle of consolidation, deciding on the next market direction. If the price drops, it may roll back recent gains and resume bearish pressure at full speed. This could lead to a major breakdown capable of sending the price to a new yearly low. As of now, the supply level appears low.
Even though BNB further shows strength on the daily scale, it must increase above the yearly high before we can start to consider a shift. But as it stands, the price is still calm.
BNB Key Level To Watch
Source: Tradingview
While consolidating, the resistance level to watch for a surge is $648.5. An increase above this level may bring us to the $686 resistance. Right above it lies $700 and $732.
If the price breaks down, the support levels to watch on the way down is $593, $566 and $544. Flipping through all these levels could bring us to $520 and $500 – the current yearly low.
Key Resistance Levels: $648.5, $686, $732
Key Support Levels: $593, $566, $544
- Spot Price: $629
- 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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