Binance Coin initiated another buy this week and continued to rise steadily toward the upper boundary of the channel. It now trades near a crucial resistance level with low pressure.
From $220, the price went up by about 50% in five weeks to reach a new milestone. After facing several hurdles in the past weeks, it conquered the $318 resistance easily and added a few chunks of dollars to mark a 7-month high at $335 yesterday.
BNB appears to be more volatile this week as the bulls continue to have the upper hand. The quest to tap more highs could rally the price at the channel’s resistance in the coming days.
If a retracement fails to occur around that resistance, a break above it will validate a continuation of the trend. Meanwhile, the $300 mark level, which posed threat to the bulls in the past month now acts as weekly support.
Apart from that, the past weeks of gains have made the bears struggle for dominance. They will continue to suffer in the race as long as the bulls keep reiterating actions by the day.
It is priced at $332 and remains the fourth best-performing crypto, with a market cap of $52.4 billion at the time of writing.
BNB Key Level To Watch
While the price is currently up by 9% in a week, it could still add some gains before the close of the week. It is still facing resistance at $337.5. A push above that price could send the crypto to $346 and $360, which lies around the channel’s resistance. There’s also resistance at $370.
If BNB looks for support, the first level to consider is the recent break level of $318.4 before we can think of the weekly support level mentioned above. Below this level lies the $284.4 support. More lows should be expected if the price dips further.
Key Resistance Levels: $337.5, $346, $360
Key Support Levels: $318.4, $300, $284.4
- Spot Price: $332
- 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: igorigorevich/123RF // Image Effects by Colorcinch
