Binance Coin continues to trade inside a channel with a higher high and higher low pattern. It rebounded off a critical level in the past week and started to show signs of strength again. The price is up by a daily 10%.
After marking a multi-high at $346 in late March, BNB went through a correctional phase and slowly fell to a key low level of $300 earlier this month. It found support there and recovered quickly with a long wick.
The price consolidated above $310 for days before it started to pick up this week. The price surged to a high of $333 on Tuesday but later retraced due to a sudden rejection. It found a solid rebound level at $315 and initiated another buy.
Today, it reclaimed the previous high and pushed to $335 a few hours ago. A continuous surge in volatility could bring the price to the test of the channel’s upper boundary by the end of the month. However, the price needs to break through last month’s resistance.
In the case of a downward swing, BNB will have to decline below this week’s support level and especially last week’s before we can start to consider a drawdown.
Even though the price collapses further, the channel’s lower boundary could provide support. The crypto asset must break below this ascending channel to validate a downtrend. BNB is technically bullish on the higher time frame.
BNB Key Level To Watch
As the price nears the $337.5 resistance level, the subsequent level to watch for a breakup lies at March’s resistance of $346.4. From there, we can expect a quick rally to $361 and potentially $380 in the coming weeks.
If BNB retraces, the closest level to consider as support is $327.8 and $318.4. There’s minor support at $310 before dipping to the monthly low of $300.
Key Resistance Levels: $337.5, $346.4, $361
Key Support Levels: $318.4, $327.8, $300
- Spot Price: $332
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: igorigorevich/123RF // Image Effects by Colorcinch
