2024-10-11 15:59 |
BNB’s outlook is becoming bullish again after losing grip above key price levels in the past month. Amid a recent bounce, it posted losses overnight but the price is slowly picking up on the lower time frame.
The $600 – $618 levels have been a critical resistance zone for BNB since July. Several attempts to break through this trading zone have proven abortive. It later lost momentum after a sharp rejection.
Late last month, the price fell off this resistance zone to a low of $535 last week. It established support there and started to pick up following a reversal pattern, which led to a strong close that week.
Reiterating positive actions yesterday with enhanced volatility, BNB registered its biggest daily gains since the price picked up but it quickly lost buzz and closed the day bearishly after rejecting $581.
This led to serious bleeding earlier today but later stopped as sentiment turned out positive again. the price is currently in a green zone it slowly climbs back daily.
A bigger price movement can be expected if we see a weekly close above the mentioned resistance zone. Failure to scale through this zone could result in a drop. Inversely, losing the previous low (the current monthly support) could bring the sellers back into the market. But as of now, the bulls seem to be taking charge.
BNB Key Level To Watch Source: TradingviewWhile that critical resistance zone could pose a threat to the buyers in the latest push, a break above it should activate a big rally through the $635 and $659 resistance levels to the top before printing a new high.
The $562 level is now held as a weekly low. Losing it could bring us back to last week’s low. The key support below it is $500, followed by $471.
Key Resistance Levels: $600, $618, $635
Key Support Levels: $562, $535, $500
Spot Price: $576 Trend: Bullish Volatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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