Unlike a few altcoins, BNB saw fewer drops in the past week and remained well above the $600 level following a slight recovery. It appears set to resume positive action as the bulls show signs of interest.
Last week saw BNB through another downturn after rejecting the $640 level during March’s recovery. This caused a small panic as it shed loss, and the price slipped to a low of $587 yesterday.
Reacting well to the drops, the price was sharply rejected as a result of bullish interception, and the price increased above the key $600 level.
Currently, the price is slightly up as it shows signs of strength while taking a breath. A push back above the mentioned key level could trigger a new leg up to $700 and even above. Although, the buying volume is not enough at the time of writing.
Looking at the daily chart, BNB is still trading far well above the $500 level that stood as support during last month’s crash. If, by any chance, the bears resume pressure, we can expect more bleeding in the next few days. Right now, trading looks calm with a lot of conflicting signals.
Should the buying volume increase, we can anticipate another major buy until the price recovers fully to the top. But for now, BNB’s demand is low as it trades flat on the daily chart.
BNB Key Level To Watch
Source: Tradingview
The $587.3 level is currently providing support. If it fails to hold, the next support to consider for drops would be $566 and the $544 level.
For bullish, BNB must reclaim the recently marked $640 resistance. A push above $648.5 should facilitate more recovery to $686, $700 and $732 in the next few weeks.
Key Resistance Levels: $648.5, $686, $732
Key Support Levels: $587.3, $566, $544
- Spot Price: $609.5
- Trend: Bullish
- 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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