Market corrections appear to be over following the latest surge in altcoins, notably BNBwhich is now well above the $700 level. It has encountered resistance but is currently experiencing a decline.
BNB started this year on a high note after an impressive recovery from the recent low. This puts the crypto back into buying mode as it reached the $745 level yesterday after a positive weekly start.
Unfortunately, the level stopped the bulls due to rejection and the price closed with a pullback. The potential level for a retest is $716. Maintaining this level should bring back buying pressure on the market.
But the bulls are currently regrouping as volatility decreases. However, the trend remains much more favorable towards them in a long-term perspective. For this reason, we can expect them to pull back as soon as the correction appears to be over on a daily basis. For now, there is no room for bearish action.
Looking back at the price rebound to $400 in August 2024, BNB has seen a significant recovery so far, but it appears to be staging a larger move as it gains momentum each day. A monthly close above the previous high could set the asset up for a mega boom.
Key BNB level to watch
Source: Commercial view
Resuming yesterday’s high could fuel an increase to a minor resistance level of $761, followed by the $793.8 level, printed as the highest level so far. To confirm further bullish movement, $800 is considered the key level for a breakout.
In the event of a decline, the $700 level could serve as a line of defense for the bulls. If they fail to protect it, we could see a decline to $683 and perhaps $642. Below is the key $600 level
Key Resistance Levels: $761, $793.8, $800
Key Support Levels: $683, $642, $600
- Cash Price: $727
- Trend: bullish
- Volatility: high
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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