BNB (BNB) Price Analysis: BNB’s Price Appears Weak Following a Rejection from a Critical Resistance Zone

BNB’s bullish structure is still looking valid on the daily chart, although it has briefly lost track since the start of the week as it decreased by 7%.

BNB’s price is showing signs of weakness after being rejected from a key resistance zone on the daily chart. However, the bullish structure remains valid on a mid-term basis.

BNB’s bullish structure is still visible on the daily chart, despite losing 7% since the beginning of the week.

The $600 – $618 area (marked orange) has acted as a resistance zone on a monthly scale. As the bulls attempt to push higher, they are encountering strong selling pressure at this level.

The daily chart shows the market losing momentum after being rejected from the mentioned support area. However, BNB supply appears to be lower compared to past months’ drops from the orange area, which could indicate weakness in selling pressure.

If the bulls manage to capitalize on this weakness and intercept the move, we can expect BNB to break out of this critical resistance zone soon.

Another important observation is the higher low formation from a low of $400 in August, which shows strong commitment from the bulls. If BNB finds support and creates another higher low, we can anticipate a major bounce back. Losing the monthly low may trigger a fresh sell-off.

Overall, the recent price action favors the bulls from a mid-term perspective. A break-up should give them more dominance in the future.

BNB Key Level To Watch

The potential supports to watch for a new higher low are the $562 and $535 levels. A break below it will invalidate the bullish move as the price may roll back to $500 and maybe $471.3 – September low.

For a break-up, BNB must overcome the mentioned resistance zone to tap $635 and $659 before making a pullback. The main price range for a break-up is $721.8 – printed on June 6.

Key Resistance Levels: $600, $618, $635

Key Support Levels: $562, $535, $500

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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