2025-1-29 18:23 |
BNB advanced bearishness yesterday but it quickly found a solid ground and recovered nicely with a bullish candle pattern. While it looks poise for a buy, the bulls are yet to commit today due to low buying volume.
The start of this year has been rough for BNB following series of drops in the past days. It lost grip above $700 last week and closed very weak.
Yesterday, being the start of a new week, the supply level increased and the asset broke down to $636 – marking its lowest price level in the past month. Fortunately, the bulls intercepted the move and pushed the price back above $670 – closing the day with a bullish hammer candle.
That candle pattern suggested a potential buy, although the bulls are yet to sustain pressure today. A strong weekly close above the mentioned lost level should activate a fresh increase until the price flips through the previous monthly high – where a major rally is expected to take place.
However, it is important to note that the market is still under the bears radar on the short-term. If BNB supply level increases, we may see a leg down towards $600 in the coming month. Despite the past weeks drops, the overall market outlook is still considered bullish on the long term.
BNB Key Level To WatchSource: Tradingview
If the bulls act upon the yesterday’s candle formation, we can expect a climb back above the lost $700 level. The immediate resistance above this level is $745, followed by $793.8 – marked as new high last month.
BNB is currently holding well above the $660 support. If the price drops below it again, it may test the $618.7 support along with the key $600 level. Below it lies $593.
Key Resistance Levels: $700, $745, $793.8
Key Support Levels: $660, $618.7, $593
Spot Price: $679 Trend: Bearish Volatility: LowDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: stlegat/123RF // Image Effects by Colorcinch
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