Following a slight pullback in the past week, BNB resumed bullish and traded back in a crucial resistance zone. This brought some notable gains, but whether the price will break out is unknown.
The $600 and $618 levels have remained a crucial resistance zone for BNB, preventing major upward movement over the past four months.
Things are likely to change this time as the bulls regroup strongly back in the market following a recent bounce off $566 to create a fresh higher low. The price level is now considered a new support on the daily chart.
As seen on the price chart, BNB is testing the mentioned resistance zone for the fifth time. From the look of things, the price will likely break out of the zone any time soon. A massive upsurge should be expected.
If the breakout comes into play this week, we can anticipate a steady surge through the current high to hit $800 in the near term. A continuous rejection at this crucial resistance zone could slow down the major bull run for the fourth-largest cap crypto.
Regardless of the above, the overall market structure remains bullish on the macro level and as a result, we can expect bigger positive actions.
BNB Key Level To Watch
Breaking away from this resistance zone, BNB’s next buy target would be $635. After that, the $659 level is the next resistance to keep in mind. There’s a minor resistance of $691 before testing the key $700 level.
The condition for bearish right lies in a breakdown of the previous low – $562. If that happens, the $535 and $500 levels would be the next support to watch for drops. For now, the bulls are gaining dominance.
Key Resistance Levels: $635, $659, $700
Key Support Levels: $562, $535, $500
- Spot Price: $604.6
- 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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