Following recent liquidity flows into large-caps altcoins, BNB’s valuation continued to increase and reached a new milestone yesterday. It saw the most gains amongst the top 5 coins in the last 7 days. 

BNB’s performance has been exciting since the price climbed above the $300 mark in February. After that, it conquered several key resistance levels on the way up and closed that month with an impressive 40% gain. 

Reiterating positive actions this month, the price further increased steadily and later exploded to a thirty-month high of $633.5 yesterday. Rejecting this high price level, BNB fell briefly to where it is changing hands at $610 at press time. 

That rejection came as a slight pullback on the intraday trading. The bulls are still much in control on the swing, but they appear to be taking a short break at the moment. Once they step back, we can expect more surge in volatility to take place. 

The only major obstacles for the bulls are the November and May 2021 highs that served as main sell points during the bear cycle. Once the price scales through these key highs, BNB is most likely to explode massively and create a new all-time high above the $1k level. 

Currently, there are no signs of selling. A drop below the $600 mark may cause a little drawdown before finding a strong footing for a fresh buy. In terms of gain, it has exploded 100% in the past 40 days.

BNB Key Level To Watch

Source: Tradingview

Following the ongoing surge, the bulls’ main target is to reclaim the $669 and $692 levels, marked as November and May 2021 highs. The key breakpoint for these highs lies at yesterday’s $633.5 rejected level.

There are lots of supports left untested. However, the potential supports to keep in mind for retracement are $600 and $564. Below it lies $520 for a broader retracement.

Key Resistance Levels: $633.5, $669, $692

Key Support Levels: $600, $564, $520

Spot Price: $610
Trend: Bullish
Volatility: High

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 - @ March 14, 2024 10:42 pm