BNB continued to struggle with volatility as the price hovered around $700 for over a week. However, its long-term upward trajectory remains valid. It is currently trading flat while registering a further daily rise.
Last month’s correction slowed buying after peaking at $793. However, he managed to recover well from a minimum of $600.
After returning to the key $700 range in late December, BNB’s next move remained undecided due to an extreme drop in volatility. Several attempts to break out of this range have proven unsuccessful.
While the crypto struggled to break above $730 last week, the price remains strong each week while the trend remains in favor of the bulls over the long term. As the negative feelings fade, we can expect a huge spike in the coming weeks.
A weaker correction could trigger a leg drop that could cause serious pain in the short term. But looking at the setups, which are showing bullish signs, the price is likely to explode massively in the near future.
The upside is much more likely to go higher as the trend is still in favor of the bulls. For such a move, a breakout above the previous monthly high should prepare the market for another rally.
Key BNB level to watch
Source: Commercial view
BNB supports are currently held at $683 and $642. If, by any chance, the price breaks through these levels to $618, the next support to watch out for would be $600.
For further rallies, the immediate resistance level for an increase is $737 as well as the $793.8 level. A crossover above this level could push the price to $800. The highest level to watch for further increase is $900.
Key Resistance Levels: $737, $793.8, $800
Key Support Levels: $683, $642, $600
- Cash price: $709
- Trend: 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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