Posting a notable gain last week, BNB appeared to have ended recovery after failing to push above the $600 level in the late week. It is currently down 5% since yesterday as it foots a fresh decrease on a daily scale.
Following the bearish formation since BNB reached a peak of $791 four months ago, it has created a lot of lower highs (at around $739 and $645 respectively), and is now on the verge of creating a new one shortly.
The early-month collapse triggered a lot of tension as BNB’s bears set to reclaim a critical level, but the $520 level held well, and the price climbed back. This brought relief as the price recovered and it retested $600, marking a newly created lower high on the daily chart.
Unfortunately, the bulls failed to sustain pressure above this level, and the price fell last weekend. This led to a bearish weekly star,t and the price dropped to where it’s changing hands at $581, footing a fresh drag down on the daily chart. The $500 low is a key target level to watch.
Aside from being a tough obstacle for the bears in the past months, the mentioned target level is considered a key level for a major breakdown. A successful breakdown there should validate a bearish season for BNB as the price could crash heavily to a new yearly low.
BNB Key Level To Watch
Anticipating a sell-off, the support level to watch is $544, along with the monthly $520 low. The $500 level would be next if it fails to hold.
Due to the latest rejection, the $600 level is now marked as resistance. A push above this resistance could bring us to $617 and $645 in no time.
Key Resistance Levels: $600, $617, $645
Key Support Levels: $544, $520, $500
- Spot Price: $581
- 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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