BNB (Binance Coin) Is Down 3% Today After Failing to Overcome a Critical Trading Zone, Acting as a Resistance Since July
- Patricia ArquetteOriginal
- 2024-10-18 16:24:15223browse
Over the past week, BNB saw another major increase following a quick bounce from the $550 level. This brought some positive sentiments in the market and the bulls regained control.
BNB is trading down by 3% on Friday, after failing to overcome a critical trading zone, which has been acting as resistance since July. However, the daily chart still appears bullish, suggesting that the token is still capable of making a breakout of the mentioned zone soon.
Over the past week, BNB saw another major increase after bouncing quickly from the $550 level. This brought some positive sentiments in the market and the bulls regained control. They pushed consistently until the price entered the orange $600 – $618 zone, which had been suppressing bullish actions for months.
After being rejected at the $606 level earlier today, the price dropped and now sits at $591. A small drawdown may occur if the price closes below the $590 level, though the price is still strong on a monthly scale.
Considering several higher low patterns, which served as support for the market in the past months of recovery, BNB appears to be footing a strong bullish move on the daily chart. The price may be down at the moment, but we can still anticipate a breakout.
A clear break out of the orange zone, marked on the daily chart, could activate a massive price movement to $723 before exploding higher. From a technical standpoint, it is still gathering liquidity for a big rally.
BNB Key Level To Watch
If BNB climbs back above $600, it must successfully break through the $618 resistance level before tapping $635, $659 and $700 respectively.
Currently, the $562 level is considered the closest support in case of a drop. The monthly $535 low is the next to keep in mind. A crack below it could slide us back to $500 before pick up again.
Key Resistance Levels: $600, $618, $635
Key Support Levels: $562, $535, $500
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