As some altcoins get out of the woods in the short term, BNB continues to trade in a red zone as it struggles to break higher. It’s currently consolidating after increasing by 15% in three weeks.
Since the SEC saga with BNB in the past months, the price dropped heavily and entered an extremely oversold area on the daily. Meanwhile, there’s still room for a decrease in the weekly.
However, it found solid ground above the $200 level last month and increased to a key resistance level of $238 two weeks later. BNB retraced slightly and established another support above $220.
It took off this support and increased slowly due to a serious drop in volatility. The asset has been facing minor resistance at $233 for the past few hours. Even though the price surges through this resistance in the future, BNB must retake July’s high before we can start to consider a decent rally on the daily.
BNB may find it difficult to get out of the woods if the buyers fail to climb above that high. A surge through immediate resistance levels could give the bulls more control.
The last month’s low remains the last defence line for the bulls. A drop below it could bring the bears back into actions
BNB Key Level To Watch
While BNB faces a minor resistance, it may need to flip through the $236 and $248 levels before retaking the important $262 resistance level. Once BNB manages to cross all these resistance levels, the $300 level would be next for a test.
In case of a drop, the levels to look out for support are $221.6 and $213.8. If they fail to contain pressure, the price may roll to $203 – where it started to recover last month.
Key Resistance Levels: $236, $248, $262
Key Support Levels: $221.6, $213.8, $202
- Spot Price: $229.8
- 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 service.