Binance Coin (BNB) Could See Double-Digit Rally Soon: One Resistance Left
- Linda HamiltonOriginal
- 2024-10-10 10:24:171008browse
A prominent analyst, Sjuul from AltCryptoGems, shared with his followers that Binance Coin (BNB) is on the verge of a significant price movement as it approaches a key resistance level.
Binance Coin (BNB) price has been closely watched by traders as it approaches a key resistance zone. According to prominent analyst Sjuul from AltCryptoGems, BNB is facing resistance at $600 – $620, which has been tested multiple times without a clear breakout. However, Sjuul's analysis suggests that a breakthrough at this level could lead to a potential rally.
Prominent crypto analyst Sjuul has shared his observations on Binance Coin (BNB), highlighting a crucial resistance zone that could determine the next price movement.
In a recent tweet, Sjuul noted that BNB's price has repeatedly encountered resistance in the range of $600 to $620. Despite multiple attempts to break above it, BNB's price is yet to see a clear breakout. However, given the numerous retests at this level, Sjuul anticipates that it "must break sooner or later."
The analyst's observation is supported by the formation of higher lows as BNB approaches the resistance zone again, indicating a gradual buildup of buying pressure.
Sjuul further analyzed BNB's price chart, highlighting that there isn't much resistance above $620 until $700. This suggests that if BNB's price manages to break through the $620 resistance, it could set the stage for a strong upward move.
Moreover, considering the minimal historical price interaction in the range above $620, BNB's price could potentially experience a period of price discovery, driving it toward higher levels.
Should BNB's price fail to break through the $600 – $620 resistance zone, another rejection from this level could occur. Previous rejections in this range have resulted in sharp pullbacks, with BNB retracing to the mid-range support at $450.
This mid-range has acted as a strong support level in the past, where buyers have consistently stepped in to prevent further declines. However, each rejection has been followed by a recovery, indicating that even in the event of another pullback, the downside may be limited by strong buying interest around the $450 level.
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