BINANCE COIN PRICE ANALYSIS & PREDICTION (November 11) – BNB Break Out Of Critical Resistance Area After Five Months, Signals Strong Bullish Move

2024-11-12 21:23

BNB finally broke out of a critical resistance area to a multi-month high after several failed attempts to scale through in the past months. It has retraced a little from that thigh to test the resistance area as support.

Following late September’s drops from a critical resistance area, which led to a week reduction in price, BNB found support above $543 earlier this week and quickly climbed back into the resistance area on Thursday.

A rejection occurred and the price remained calm throughout yesterday. Things later turned out more positive as volatility enhanced today and the price broke out of this resistance area (orange) to $638 for the first time in five months – indicating a huge bullish move on the daily chart.

While the market has gathered enough liquidity in the past months, we can anticipate an exponential movement following the latest breakout. Demand is currently on the rise and as a result, more growth is expected.

Currently, the market is undergoing a short retracement on the hourly chart due to the current rejection. Looking at the daily chart, the price is now trading back in the orange zone and from a technical perspective, it is most likely to resume bullish at full speed soon.

Technically, it is important to note that BNB’s landscape is changing. A cross over June’s high could set the market for a big parabolic move.

BNB Key Level To Watch Source: Tradingview

The main target for this breakout is $800. Though, BNB may face resistance at $645.2 and $678 on the way up before breaking through June’s $721.8 high to a new high.

$600 is currently held as daily support. If the price drops below it, rolling back under the orange area, the $566 and $543 supports are the next level to consider for drops.

Key Resistance Levels: $645.2, $678, $721.8

Key Support Levels: $600, $566, $543

Spot Price: $618 Trend: Bullish Volatility: High

Disclosure: 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: ximagination/123RF // Image Effects by Colorcinch

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