This month started ugly for BNB as it washed away previous monthly gains. Surprisingly, it regained momentum as the crypto market calms and is now up 7% following a consistent surge from the recent low.
Reestablishing support at the important $500 level during the last leg down, BNB bounced back and started to show strength daily. Increasing steadily since then, it closed last week’s trading briefly above $600 due to a mini pullback but is now looking highly bullish at $636.
On the daily chart, the bulls appeared back, but how far they can sustain this momentum is yet to be ascertained. While the increase in demand reveals money inflow, it will be too early to say they have taken control as the overall crypto market remains bearish.
But considering the latest price formation, which looks like a double-bottom pattern on the daily chart, BNB’s trend might change if the price continues to increase, especially above the key $700 level that lost grip during last month’s decline.
An invalidation to this bullish signal lies in a drop off the $506, which now serves as monthly support. A continuous hold there should provide bigger gains in the future.
As it stands, the bears are technically off the market. If they find their way back into the market, we may see a massive breakdown once they retake the monthly support.
Source: Tradingview
Above the $500 level, serving as base support, BNB has further mounted supports at $544, $566, $593 and recently $622.8. If all these levels fail to hold well, a collapse through them could result in a dip to a new low.
Going higher, the $648.5 level is considered the closest resistance for a test. If the price increases above it, the $686 and $732 are higher levels to keep in mind.
Key Resistance Levels: $648.5, $686, $732
Key Support Levels: $622.8, $593, $566
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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