In the latest meltdown, BNB’s price appears weak following a rejection from a critical resistance zone. It is looking for solid support to resume positive actions as the structure remains bullish in the mid-term.

BNB’s bullish structure is still looking valid on the daily chart, although it has briefly lost track since the start of the week as it decreased by 7%.

The $600 – $618 area (marked orange) has not just suppressed buying pressure again but has become a critical resistance zone on a monthly scale. The bulls are facing serious hurdles there and as we can see on the daily chart, the market is now losing momentum due to rejections.

But this time, BNB supply looks low compared to the past months’ drops from the mentioned orange area. This shows signs of weakness in selling from the. If the bulls take advantage of this weakness by intercepting the move, the price may break out of this critical resistance zone soon.

Another thing to consider here is the higher low formation from a low of $400 in August, indicating strong commitment from the bulls’ side. If BNB finds support and creates another higher low, we can anticipate a major bounce back. Losing the monthly low may trigger a fresh sell-off.

Looking at the recent price actions, the market is still much in favour of the bulls from a mid-term perspective. A break-up should give them more dominance in the future.

The potential supports to watch for a new higher low are the $562 and $535 levels. A break below it will invalidate the bullish move as the price may roll back to $500 and maybe $471.3 – September low.

For a breakup, BNB must overcome the mentioned resistance zone to tap $635 and $659 before making a pullback. The main price range for a breakup is $721.8 – printed on June 6.

Key Resistance Levels: $600, $618, $635

Key Support Levels: $562, $535, $500

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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