Binance (BNB) showed a sign of strength today after slipping from an important resistance level a few days back. However, it appeared to have found temporal support following the latest recovery across space.
During last week’s trading, BNB recovered above the $318 level after witnessing significant drops. The price increased to a weekly high of $342 but failed to extend buy actions above it.
This led to another drawdown this week but not strong enough to pull the price below last week’s low. It lost almost 9% of its value and held the $318 level as support during the period of the drop.
But fortunately, the price bounced back today and start to show strength due to the latest surge in Bitcoin’s price. The buying volume increased as the price later rose to a current trading level of $331 at the time of writing.
BNB attempts to close bullish on a weekly and monthly timeframe as the price charges to reclaim previous resistance levels after a recent failed attempt. With the daily buying pressure, the price could print a new high in the coming month after successfully breaking through.
If we look at the current market structure, BNB is technically bullish from a mid-term perspective. It could see a small downward slope if the price slips below the $300 mark level.
BNB Key Level To Watch
While BNB approaches a close resistance level at $337.5, the next buying target would be a monthly high of $346.4. Crossing that level should spark more increases in the coming week.
The $318.4 level currently serves as temporal support over the past 48 hours. A drop below that level could trigger a big sell towards $310 and potentially $300
Key Resistance Levels: $337.5, $346.4, $360
Key Support Levels: $318.4, $310, $300
- Spot Price: $331
- Trend: 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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