2023-5-18 11:16 |
Binance (BNB) recently reached a rallying point after witnessing a lot of drawdowns this week. It recovered a bit above $300 and returned 1.4% profit in the past hours.
After painting a lot of reds in the past few days, the last 24 hours of buying increased the price of Binance Coin which just found support on the lower boundary of an ascending triangle.
Interestingly, the price has increased a little following a quick buy around the triangle’s lower boundary. As a result of that, it trades at around $310 at the time of writing.
If BNB repeats this same pattern as it did in the previous months, it is likely to experience quick growth in the next couple of days. The upper boundary of the daily triangle would be the target area for buying.
However, it is important to keep in mind that the sellers are still much around the corner. If they mount pressure again and the price plunges below the triangle, the coin will continue to face down till it finds a solid support level.
The key target area to watch for such a scenario would be the lower boundary of the channel forming since mid-2022. That lower boundary is expected to provide a solid support for an increase in case of the triangle breakdown. But currently, the buyers are turning up as no signs of bearish reactions over the past 24 hours.
BNB Key Level To Watch Source: TradingviewAs BNB saw a recovery over the past hours, the closest resistance level to keep an eye on for more increase is $318.4 Moving higher, the levels for buying are $327.8 and $337.5.
In case of a bearish extension, the bulls must defend the $300 psychological support level. Once the price successfully drives through it, the next support level to watch is $283.2 and $270 before dipping further.
Key Resistance Levels: $318.4, $327.8, $337.5
Key Support Levels: $300, $283.2, $270
Spot Price: $310 Trend: Bearish Volatility: LowDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: slavstan/123RF
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