BNB’s bearish outlook is slowly ending with a recent strong bounce off a key low. The price currently approaches a minor resistance but will likely explode soon following the latest bullish footprints in the market.
As anticipated in the past weeks, BNB found solid ground above July’s low and initiated a fresh buy last Friday. This buy triggered a surge and the price increased significantly near a minor resistance a few hours ago.
The bears have temporarily halted selling as the bulls now gain control of the market. From a technical perspective, the bearish party appeared over since the price recovered sharply from the $400 level last month.
Looking at the latest price setups, BNB is footing a massive bullish rally with an inverse head and shoulder pattern on the daily timeframe. As we can see, the developing rally is targeted at $600, where the neckline lies.
Breaking above this neckline should trigger a surge into the $670 zone, which is considered the main target range in the current leg up. A drop below the recent low would signal an invalidation of this bullish move.
While the market sentiments are slowly becoming positive once again, traders-investors are optimistic of a long-term return as BNB bias turns bullish daily. The price must break out of the yearly high before posting a massive gain.
BNB Key Level To Watch
Source: Tradingview
BNB currently approaches a minor resistance at $553. Surging through this resistance could propel buying to $575 and majorly the $600 level, where a breakout is expected to occur.
If the price slips below the important $500 level, the next major support to watch is $471.3 – the current monthly low. Losing it could drag us back to $427.3
Key Resistance Levels: $553, $575, $600
Key Support Levels: $500, $471.3, 427.3
- Spot Price: $544
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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