After facing serious legal issues in the past month, Binance Coin dropped heavily, remained in a tight range and continued to find a breakthrough. However, it just bounced off a fundamental level.
A 4% daily recovery has put BNB ahead of the top 10 altcoins on the CMC after trading as low as $231 in the early hour of today.
As a result, the price went up and looked greenish with a bullish engulfing pattern in the 4-hour time frame. This candle pattern indicates a potential bullish, which could bring the asset out of its four-week consolidation phase.
If that happens, the key support levels lost during June’s crash could be retested as resistances before resuming bearish. And if the price continues to advance higher, the coin could witness a short-term increase towards the important $300 level.
Considering a breakdown from the consolidation phase, BNB may extend bearish to $200 or even lower before it finds a solid ground for bullish. Gauging the trading volumes over the past hours shows that the bulls are in control now.
To sum it all up, BNB is still maintaining a neutral-bearish trend on the daily chart. An expansion from the consolidation phase could determine where next it’s heading for. Otherwise, it will remain in a tight range until it finds a breakthrough.
BNB Key Level To Watch
BNB has held the $231.6 level as daily support. Below this level lies the $225 and $220.6 supports. A crack from there could cause a sell-off to $210 and $200. There’s also major support at $184 if the price dips.
Following the last surge, which targets the $252.8 resistance level, an increase above that level could propel buying to $257, $265 and $270 to test the descending trendline. Higher resistance levels for a retest lie at $283.2 and $300.
Key Resistance Levels: $252.8, $270, $283.2
Key Support Levels: $231.6, $225, $220.6
- Spot Price: $243
- Trend: Neutral-Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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