The recent bearish action has seen BNB through a notable reduction as it cut $100 from its price in two weeks. It sits calmly above March’s low while gathering liquidity for the next major movement.
Two weeks back, BNB lost grip above the $600 level after recovering strongly from a five-month low in early August. Following these notable price reductions, the bears regained dominance daily and now negotiate for the next major move amid a slight drop in volatility.
The March’s low, which has become a barrier level for the bears during this dip, is now held as support on the daily timeframe. The bulls are trying to defend it but from the look of things, it might get flipped soon.
Breaking lower could trigger a massive liquidity run into the $350 range without any hassle. However, if the bulls defend this low well, there is a possibility for a buyback capable of halting the current bearish move.
Things might have become ugly since the market started to correct lower in June but it is important to note that BNB’s trading remains in a bullish zone on the macro level. Holding 40% gains in a year, the future still looks promising for the fourth best-performing asset by market cap.
BNB Key Level To Watch
Source: Tradingview
The $496 support – March’s low – is currently the key level to determine the next bearish swing. If a breakdown occurs, the potential support to consider for selling would be $454.7, followed by the $427.3 and $400 levels, where a major breakdown will likely take place.
BNB’s resistance levels are held at $553, $575 and $605.6 respectively. A bounce above these levels should bring a shift in the trend with a head and should formation.
Key Resistance Levels: $553, $575, $605.6
Key Support Levels: $496, $454.7, 427.3
- Spot Price: $505.6
- Trend: Bearish
- 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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