While most top altcoins continue to trade around their monthly low, Binance Coin has bounced back as it returned roughly 20% gains this week alone. The price has reached a critical resistance level as the positive rally appeared to be cooling off.
Once again, BNB has shown a sign of strength after crashing to a low of $250 earlier this week. The recovery from this low has technically led to a fake-out and a trap.
From this same low, the price surged consistently for days to reach the $306 high today. But as it appears now, the bullish action is getting exhausted following the last two days’ price rejections, which indicates indecisiveness in the market. The party may be over soon.
Binance Coin trading significantly above $280 appeared to have provided a good opportunity for the buyers. The daily high of $306 remains an important level for the bulls to overcome in order to sustain the momentum. If they fail, the bears are likely to take advantage.
On the other hand, the market has equally provided a discount and opportunity for the bears. Binance Coin’s price may continue to drop if the bears reinforce pressure in the market. Whichever way, the setups will be a win-win case for both long and short futures traders.
Binance Coin Price Analysis (BNBUSDT) – Daily Chart
If BNB keeps rising and surpasses today’s high, the $320 level would be the next resistance to watch. A further push could send the price to $337 in no time. There’s also a resistance level at $360 in case of a surge.
The closest level for a pullback is the $284.4 support. If the above support fails to provide a rebound level, the next area to keep in mind as support is $277. The $265 support remains a solid level for buy actions. If the price dips beneath this support, the next sell target would be $250.
Key Resistance Levels: $320, $337, $360
Key Support Levels: $284.4, $277, $265
- Spot Price: $300
- 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.
Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse, NFT, A.I., Cybersecurity, Supercomputer, and Cryptocurrency news!
Image Source: sirninoon/123RF // Image Effects by Colorcinch