Binance Coin has recovered significantly over the past month and recently witnessed a healthy correction. It is footing a huge price movement with a formed head & shoulder (H & S) pattern.
In the past week, the price of Binance Coin corrected lower after witnessing a two-week rise to the peak of $314 on January 14. It later found support at $281 and bounced back strongly above the $300 mark.
It dropped slightly below this mark level for a few hours and closed the last week’s price at the $303 level. The price traded around that level throughout yesterday until it surged to $323.5 in the early hour of today.
This performance was so impressive as BNB posted about 6% gains overnight. However, it has retraced briefly to $314.4 at the moment.
BNB has formed a nice H&S pattern on the daily chart, indicating a huge potential bullish that may rally the price to the upper boundary of the channel in the next few days. If this setup comes into play, the price target for this range is $360.
For now, there’s no sign of weakness in price. Should BNB attempts to fall any time from now, it would need to break down the mentioned mark level before we can start to think of a key support level to watch.
BNB Key Level To Watch
To consider the next area of interest for the buyers, BNB would need to climb above the important $318.4 resistance and then retake the current daily high before it can tap $337.5. The next resistance level along the way up lies at $346.8.
If the bullish signal fails and the price plunges beneath the crucial $300 mark, the first line of support to keep in mind is $284.4, followed by critical support at $265. $250 will be the next sell target if all these supports fail to hold.
Key Resistance Levels: $318.4, $337.5, $346.8
Key Support Levels: $300, $284.4, $265
- Spot Price: $315
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: skorzewiak/123RF // Image Effects by Colorcinch
