Following the latest USDC – stablecoin saga, Binance Coin saw a substantial loss over the past few days but appeared to have found temporal weekly support. It recovered by 2%in the past hours.
The stablecoin depeg had a negative effect in the market this week, causing a serious panic selling in some altcoins, although they are now gaining recovery with Bitcoin above $21k.
This week, BNB rejected the $294 level and started to drop again after remaining in the middle of consolidation for some days. The drops caused a serious decline that brought the price to a low of $265 on Friday – a 12% loss in a week.
However, it has recovered slightly from this weekly low, and it is now changing hands at around $280. The price looks calmly indecisive at the moment. But we can expect a major move to occur in the next couple of days.
If BNB shows strength in the next coming week, it may revisit the $300 mark level that the price flipped last week. The selling pressure appears a bit weak on the daily chart, although the setup still looks strong on the weekly chart.
It attempts to recover on the lower time frame, but bears seem to be showing interest as well. The price would continue to slip until it finds a major level for a rebound. At press time, BNB is down by 27% on a yearly scale.
BNB Key Level To Watch
Anticipating the next swing low, the major rebound level to keep an eye on lies at the $270 support before surpassing the current weekly low. Failure to hold that low price could result in a dip to $261 and $253 in no time.
The level for a retest lies at the $283 resistance level. If the price recovers higher, it may encounter hurdles at the $294 resistance level before rising to $300 and $318.4. The breakout level for bullish lies at $337.
Key Resistance Levels: $283, $300, $318.4
Key Support Levels: $270, $261, $253
- Spot Price: $280
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.