BINANCE COIN PRICE ANALYSIS & PREDICTION (March 28) – BNB Faces Minor Resistance Amid Latest Increase, Will It Flip?

2024-3-29 23:36

After retracing for a week, Binance Coin BNB found support and bounced back from the dip. The buying pressure is low on the daily chart, but we can expect a significant rally when volatility expands.

Exactly two weeks back, BNB reached a new milestone after rising by more than 100% in a month. It failed to sustain momentum and took a slight break in buying. This led to a week’s drop and the price retraced to a low of $496.

Holding this low level as support during last week’s trading, the price picked up again and increased near the $600 level earlier this week. Unfortunately, it rejected that level twice and dropped briefly.

It found support on the hourly chart and charged back towards the weekly rejected level. We can expect a full recovery from the dip when the price flips through this minor resistance level.

Aside from that, the price is likely to break out of the crucial $645 resistance level – where it initiated drops in the mid-month. Currently, buying pressure appears low on the daily timeframe. Failure to push above the immediate resistance level could lead to a halt in the latest recovery. If that happens, the bears might take over again.

From the look of things, the bulls are back but there’s not enough buying volume to sustain momentum at the time of writing. BNB is currently up 8% in the past seven days.

BNB Key Level To Watch Source: Tradingview

Now that the crypto is facing hurdles at $600, a successful crossover there should bring trading back to the top to test the $635 and $645 resistance levels before breaking to $669 and $692.

While holding the $564 level as hourly support, the lower support to watch for drops is $536, then followed by the $496 support.

Key Resistance Levels: $600, $635, $669

Key Support Levels: $564, $536, $496

Spot Price: $591 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: moxumbic/123RF // Image Effects by Colorcinch

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