The post BINANCE COIN PRICE ANALYSIS & PREDICTION (August 6) – BNB Sees 20% Daily Gain In A Fresh Recovery, Has Selling Ended? appeared on BitcoinEthereumNews.com.

Yesterday, BNB’s price reached an oversold condition after dropping consistently for a week. However, it has recovered significantly from the latest dip but the trend remains bearish on the daily chart. As the bull run continued to suspend due to the recent major sell-offs across the crypto space, BNB rolled over a week ago and broke through several key support levels to test $400 yesterday, marking its lowest price since March.  That weekly breakdown brought about a 30% reduction in the value but the price recovered speedily due to a sharp rejection. It is now changing hands at $490 following a significant increase in the past 24 hours.  Although, BNB still appears much more bearish on the daily timeframe. In fact, things might heat up seriously in the coming weeks following a new bearish formation on the weekly timeframe.  If this pattern comes into play, we can expect a bigger price dump in the future until it finds a threshold to foot a new rally. The $300 mark is the main sell target to keep an eye on.  In the latest recovery, there is still room for more increase to the vital $500 level before rolling over again. Activating a strong bullish move from this level should bring a full recovery to the top. But currently, the asset is under the bears’ radar. BNB Key Level To Watch Source: Tradingview While showing signs of strength since yesterday, it may encounter resistance at $508. If it scales through, the next resistance levels to watch for recovery are $553 and $605.6. At the current trading level, BNB’s closest support is located at $454.7, followed by $427.3 and $400 – the key level that supported the market yesterday. If the price dips below this key level, March’s low would be the next support…

---

Filed under: News - @ August 7, 2024 5:16 am