BINANCE COIN PRICE ANALYSIS & PREDICTION (May 30) – BNB Bounces After Retesting Triangle, Will It Hold As Support?

2024-5-31 18:00

BNB’s price continued to shrink amid the latest market indecisiveness, although it still trades in a bullish zone as big shockwaves lurk around the corner, It is currently down 3% weekly with no signs of major move. 

Without any doubt, BNB has seen a noticeable increase in the past month but is still finding it difficult to advance bullishly above its yearly high due to an extreme drop in volatility over the past week. 

This came after failing to sustain pressure above the $631.4 level, marked as monthly resistance some few days back. It pulled back and dropped slightly below the crucial $600 level, retesting the recently broken symmetrical triangle. However, the price is currently calm while struggling to regain strength. 

Considering, the latest market structure, which suggested that BNB is technically accumulating for the next bullish phase, we can expect a huge surge in volatility once volume starts to flow back into the market. 

Currently, there are no signs of activity due to a lack of interest from both the bulls and bears’ sides. If they fail to show interest, we can expect more volatility contractions in the next few days. 

If the current accumulation phase turns out to be a distribution, BNB may plummet and lose grip above the $500 level until it finds solid ground. With the positive sentiment surrounding the crypto market lately, such a scenario doesn’t look realistic. 

BNB Key Level To Watch Source: Tradingview

So far, BNB has managed to stay above the $587 support, followed by $560 and the holding $536.7 support level. Below it lies at $512.6

Losing grip above the $600 level in the past 24 hours, a significant push above this crucial level could bring a fast recovery to the $614.4 and $631 resistance. Above it lies $645.

Key Resistance Levels: $614.4, $631.4, $645

Key Support Levels: $587, $560, $536.7

Spot Price: $595.5 Trend: Bullish Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: ivanbabydov/123RF// Image Effects by Colorcinch

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bnb price shockwaves lurk around big bullish

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