Binance Coin BNB has recovered nicely from the monthly dip but has faced rejection again and now appears weak daily. However, it has formed a new bullish pattern – finding a nearby support to initiate a fresh increase.

BNB has held well above the $500 level since the market recovered from March’s dip. This price level produced a rebound in the mid-month and the price revisited the $618 range this week.

Due to multiple rejections at a multi-week resistance line, the asset failed to push higher and briefly lost ground since yesterday. It looks weak and trades under the $600 level at the time of writing.

Meanwhile, it has technically formed a double-bottom pattern on the daily chart, suggesting an imminent bullish rally. Now that the price is dropping, it seems to be looking for close support to foot the rally.

The closest support to keep in mind right now is the hourly $570 level. A retracement below this level will provide more discount for the long-term gain. The mentioned resistance line remains an obstacle for BNB’s bulls. If they overcome it, $700 would be the next major target to watch.

While the market is weak, we can expect it to regain strength soon. From a technical standpoint, the bulls have an upper hand in this market. 

BNB Key Level To Watch

Source: Tradingview

BNB is losing grip again and now aiming for the $548 support level, where another buy will likely occur. Below this support lies the $512.6 monthly low and March’s $496. Losing it may lead to huge crackdowns.

Retaking this week’s $618.5 resistance could pave the way for an increase to the monthly high of $638 before reaching $645, above the resistance line. The next resistance levels are $669 and $692.

Key Resistance Levels: $618.5, $645, $669

Key Support Levels: $548, $512.6, $496

Spot Price: $594
Trend: Bullish
Volatility: Moderate

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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Filed under: Bitcoin - @ April 28, 2024 5:11 am