BNB (Binance Coin) Price Analysis: Gearing Up for Another Upward Movement

After witnessing a sharp nosedive last week, BNB found solid ground and resumed buying. Although the pressure is currently low on the daily chart. It is slowly gearing up for another upward movement.

BNB price found solid ground and resumed buying after witnessing a sharp nosedive last week. Although the pressure is currently low on the daily chart. It is slowly gearing up for another upward movement.

Last week was a bit rough in the entire crypto space as several altcoins, including BNB, lost momentum after almost testing the $800 level. The price crashed but managed to hold above the $640 level. It recovered and slowly climbed back after holding the price level as support.

However, BNB’s next move has been indecisive in the past week as the price traded calmly at around $710 after recovering well from last week’s crash.

Painting a greenish scenario today following a 3% surge in the past hours, trading turned out positive as the price increased to a daily high of $737. The bulls appeared to have gained more control as volume enhanced on the intraday trading.

A continuous increase in the buying volume could stir up a big surge in the coming days, although the $794 level is likely to pose a little threat on the way up.

Looking at the volatility contraction on the weekly chart, the price may reach $1k by the end of the bull run. As of now, there are no signs of bears in the market. The bulls are taking charge at the moment.

BNB Key Level To Watch

The $761 level is the closest resistance to watch on the way up. A surge above it could bring a full recovery back to the recent top of $793.4. It may face key resistance at $800 in case of a breakup. The higher level for an increase is $900.

Currently, the market is supported by $687 and $642. If these mentioned price level loses grip daily, the next key level to consider for drops is $600.

Key Resistance Levels: $761, $793.8, $800

Key Support Levels: $687.7, $642, $600

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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