BNB Resumes Bullish Movement After Undergoing a Retracement Phase, Eyes $721.8 High

Following the current drop across the crypto space, BNB bounced back from a critical trading zone after initiating a small pullback yesterday.

BNB price showed weakness yesterday after bouncing back from a critical trading zone following a small pullback. However, BNB is now showing bullish signs again.

Last week's trading was interesting for BNB, as it resumed bullish impulsive movement after a small retracement phase. During that period, BNB posted major gains and successfully broke out of a critical resistance zone (marked orange) after several failed attempts to scale through in the past months.

It tested the $667 yesterday but was unable to advance higher due to a rejection. Unfortunately for the bulls, exhaustion set in and the price dropped. The buying pressure cooled off throughout yesterday as it briefly lost steam. The price traded back in the resistance zone, although it appeared more like a retest of last week's breakout, and rebounded after holding the zone as support. As seen on the daily chart, BNB is rising back.

Dropping off this zone could bring more setbacks in the market, leading to a temporal halt in the bullish rally. But from the look of things, the pullback appeared to have ended.

Meanwhile, the slight drop was majorly triggered by the recent drop in Bitcoin's price. But now that the primary crypto is resurging, we can expect an exponential increase in BNB's price soon. While the price is still facing hurdles, its macro-bullish trajectory remains intact.

BNB Key Level To Watch

Bouncing off this resistance zone as support, the resistance levels on the way up are $645.2 and $678 before testing the current all-time $721.8 high, where a major rally will likely take place.

The $600 level is currently providing support. If the price dips below it, it may revisit the $566 support level before climbing back. Below it lies the monthly $543 low.

Key Resistance Levels: $645.2, $678, $721.8

Key Support Levels: $600, $566, $543

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