Market Analysis

BINANCE COIN PRICE ANALYSIS & PREDICTION (May 13) – BNB Remains Flat As It Faces Confluence Resistance, Can It Break Above $600?

BNB’s bullish trajectory remained intact on the daily chart, although it has faced a key psychological resistance for over a week. A clear cross above this resistance could set the crypto for a massive explosion.

Unlike many altcoins in the past months, BNB did not see many losses during the recent drawdown in the market. It remained strong above the $500 level and continued to show signs of strength on the daily chart. 

The $512.7 and $496 dynamic supports that suppressed selling pressure in the past two months have continued to bolster. It found another solid support above the $536 level this month and recovered briefly. 

For over a week, the $600 psychological resistance has been posing a threat to the bulls following rejections. With the latest setups, they are likely to conquer this resistance in the next few days.

Flipping through this parallel resistance level along with the descending trendline could trigger a big surge in volatility. $1000 would be the next target if the crypto repeats March’s pattern. Right now, BNB is finding it difficult to break out of this confluence resistance point.

BNB Key Level To Watch

Source: Tradingview

If the price manages to break through this confluence resistance to test the $618.5 level (April’s resistance), the next key resistance to watch would be $645. Above it lies the $669 and $692 levels.

Since the monthly bounce from the $536.7 support, BNB has remained flat above the $570 level for more than a week. Losing these support levels could trigger a slide back to the mentioned dynamic supports in no time. This could lead to a huge breakdown if such a scenario occurs.

Key Resistance Levels: $618.5, $645, $669

Key Support Levels: $536.7, $512.6, $496

  • Spot Price: $595.8
  • Trend: Neutral-Bullish
  • Volatility: Moderate

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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Image Source: ximagination/123RF // Image Effects by Colorcinch

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