As market cap climbed to $1 trillion today, Binance Coin tapped a three-week high amid the recovery but dropped slightly due to a sudden surge in volatility. The cryptocurrency is still up by 4% today as it charges for more gains.
BNB is back and trading nicely above $300 after recovering by over 50% from the late 2022 crash – $220. Following the recovery, which became significant this week, the asset consolidated below the $250 level for two weeks before it got flipped.
This week’s rally caught the bears unaware as the bulls pushed the price to a high of $314.4 over the past hours. But unfortunately, this high was rejected to $304 at the moment. The bullish momentum remains intact with a more potential increase.
With many liquidated prices around $240, a lot of bears are now trapped and now in disbelief. BNB can still go as high as $350 if the bulls continue to show strong commitment.
It technically looks bullish on the daily chart below. Since the price fell to $184 in mid-2022, it has maintained a bullish pattern – which is recently footed from the formed channel’s support.
If BNB drops below $318 and rebounds above $250, we can expect a massive price movement with a clinical head & shoulder pattern to $420. However, losing the $220 level will trigger a big sell-off.
BNB Key Level To Watch
BNB is looking for support above the $300 psychological level. If the level fails to provide support, it may find a lower level at $284.4. There is also support at $265.1 in case of more drops.
If the price retakes today’s high and increases above the $318.4 resistance level, the next target for BNB is $336.6. The resistance to watch above this level is $346.8 and perhaps $360, around the channel’s resistance.
Key Resistance Levels: $318.4, $336.6, $346.8
Key Support Levels: $300, $284.4, $265.1
- Spot Price: $304
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Image Source: inueng/123RF // Image Effects by Colorcinch
