Starting the week with a 4% gain following a sudden daily surge, BNB currently appears strong as it advances in recovery. While its bearish trajectory stands on the mid-term, it may resume selling if a rejection occurs.
BNB started this month rough following a strong bearish crossover, although it later found support at $520 and climbed back. That brought a noticeable recovery in the second week, but it was eventually halted due to a rejection at the key $600 level.
This rejection led to a slight drop, and the crypto briefly lost buzz due to extreme volatility shrinkage. That caused a little setback for some days before witnessing little-to-no movement for straight three days.
Following the latest surge in volatility, which led most altcoins into a green phase today, BNB is now briefly trading at around the mentioned key level after witnessing a slight breakout earlier today.
The bulls are now showing strong commitment, gaining dominance on the daily scale. If they sustain pressure for long, we may see a slight shift in the existing bearish market structure. Such a move could fuel a breakout of the previous monthly high to invalidate the continuation pattern in the form of a lower high formation.
Failure to sustain the latest buying pressure could result in another drag down capable of giving the bears more control in the mid-term. Even if that happens, BNB’s bears must clear the $500 level before considering a long-term extension.
BNB Key Level To Watch
Right now, the bulls are eyeing $617 and $645. If they scale through, the higher level to consider for a test would be $680 and potentially $700.
In case of a rejection, there’s near support for a pullback at $576. Failure to bounce off this support could bring us back to $544 and the monthly $520 low before breaking down.
Key Resistance Levels: $617, $645, $680
Key Support Levels: $576, $544, $520
- Spot Price: $600.8
- Trend: Bearish
- Volatility: Low
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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