BNB The next major move looks risky on the daily chart due to the decrease in volatility over the past week. However, its long-term bullish trajectory remains valid as the price has been floating around $700 in recent days.
The overall outlook for BNB is still seen as bullish on the daily chart, but last month’s correction has put the market into a slight bearish phase and as we can see, the price looks weak in the short term.
After reaching this week’s stable level, the crypto initiated a decline and crashed to a low of $660 on Monday. However, the price quickly recovered from this low and managed to close above the $700 level on the same day.
This brought a little relief to the market and the price has remained calm since. But things have turned negative in the last few hours due to the latest weakness. Further decline could cause serious pain that could send the asset to a new monthly low.
For now, buyers are out of the market. If they manage to take a step back, BNB could cross the $200 level. Even if that happens, it needs to rise above the December high before confirming any major moves.
There is not much to wait for now since the price remains stable daily. A notable rise from the current level of trading would determine the likely direction it will take next.
Key BNB level to watch
Source: Commercial view
Now that the daily price is weak, BNB could break the weekly support of $660 to test a minor level of $630. Subsequent support levels to watch for further declines are $618.7 and $593.
If the bulls break above the $700 level, the resistance levels to consider for an increase would be $745, followed by the hidden resistances of $760 and $793.8, where a major breakout lies.
Key Resistance Levels: $700, $745, $793.8
Key Support Levels: $660, $618.7, $593
- Cash price: $690
- Trend: Neutral-bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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