An additional 2% gain in the past 24 hours has sustained BNB’s bulls in the latest recovery. While it traded in a green zone over the past few days, the trend remains bearish daily with no signs of reversal yet.
Breaking lower this month, BNB found support after rejecting the $455 low a week ago. It bounced back and it is now trading at a resistance of $536 – the May support level that flipped during last week’s crackdown.
The price appeared strong on the day despite a slight rejection but the bulls’ commitment seemed not enough to push through the resistance. An increase above this resistance could allow recovery to June’s low.
But looking at the market structure, which still reveals a downtrend, BNB may break lower soon. If this scenario occurs, the recent monthly low may be revisited with a potential breakdown.
While such a setup is capable of causing more pain in the market, it should provide a huge discount for buying from a long-term perspective.
Meanwhile, the bulls are still much more formidable with an attempt to scale through the current trading resistance level mentioned above. If they successfully conquer this resistance level, a bigger price movement can be expected in the future.
BNB Key Level To Watch
Source: Tradingview
Above this holding resistance lies a key resistance level of $560 – June’s low. A push above it could bring more recovery to the $587 level and potentially $614.4.
Considering the existing bearish market condition, the price may roll back to the $508 and $471 support levels if the bears step back. A breakdown at $455 could bring the price to minor support of $440 before testing the main $428 support level.
Key Resistance Levels: $560, $587, $614.4
Key Support Levels: $508, $471, $455
Spot Price: $536
Trend: Bullish
Volatility: Moderate
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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