The post Binance Coin (BNB) Nears Critical Resistance As Prices Recover appeared on BitcoinEthereumNews.com.

Binance Coin’s (BNB) technical state is vital as it faces numerous obstacles approaching vital resistance points. This may profoundly affect its market performance direction. The overall market decline of the day did not deter BNB from maintaining its upward momentum because it actively approached important resistance areas. The asset’s fundamental resistance levels consist of multiple simple moving averages (SMAs) that reach near the 0.382 Fibonacci retracement point. The various technical resistance areas show that bulls must develop substantial force to push prices upwards. Source: X Fibonacci and TD Sequential Indicators Binance Coin (BNB) is struggling against the strong resistance point at its 0.382 Fibonacci retracement level, reflecting a price point of approximately $664. The Fibonacci retracement tools enable traders to locate possible support and resistance levels. – Advertisement – This is through their ability to measure price movement retracements. Shares near the significant 0.382 Fibonacci retracement line face the risk of either success or failure in their movement because BNB has reached this key territory. The TD Sequential indicator now signals resistance in this specific area. The indicator’s resistance trendline and risk line show that market momentum potentially faces an essential test of bullish sentiment. A lack of volume support during the ongoing recovery would likely prevent BNB from breaking out of this region. This may cause it to retrace back to lower support areas. Potential for a Major Breakout A breakthrough through these technical boundaries would reform BNB’s market organization model. The market signal from breaking out above a historic trend indicator of the 200 SMA might trigger ongoing bullish momentum for seeking higher resistance levels. Market traders will carefully observe price movements near these technical levels to determine how long the uptrend continues. The technical price action suggests an ongoing accumulation stage since it forms a rising channel…

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Filed under: News - @ February 14, 2025 1:11 am