Home Altcoins News Binance Coin Update: What’s Next After Recent Retreat?

Binance Coin Update: What’s Next After Recent Retreat?

Binance Coin

Over the past week, BNB faced a downturn, shedding approximately 10% of its value amidst broader corrections in the crypto market. Despite this setback, a bullish trend remains evident on the weekly chart, indicating potential for an impulsive movement once the retracement concludes.

Last Saturday saw BNB reaching a local peak of $643, marking a significant milestone following a month of doubling its price. However, the rejection of this peak led to a slight decline, exacerbated by prevailing market corrections.

Selling pressure intensified throughout the week, resulting in BNB dropping to $496 before bouncing back to $527 amid a temporary respite in selling activity. While the daily chart suggests a retracement, the hourly chart indicates a shift in favor of bearish sentiment, hinting at the possibility of further declines if selling pressure persists.

Just a few days ago, BNB enthusiasts were jubilant as the coin surged to impressive heights, reaching a local peak of $643. This surge marked a doubling of its price in just a month, showcasing the coin’s formidable momentum. Yet, the euphoria was short-lived, as the broader crypto market underwent a correction, causing BNB to pull back slightly.

In the midst of increased selling pressure, BNB experienced a notable dip in valuation, dropping to $496 before staging a modest rebound to $527. While this retreat may raise concerns among some investors, it’s essential to examine the broader context to glean insights into BNB’s future trajectory.

On a daily chart, the recent price action appears to signify a retracement, a natural pause in the midst of an upward trend. However, a closer look at the hourly chart reveals a potential shift in momentum, with bears exerting pressure that could lead to further declines if sustained.

Despite these short-term fluctuations, the overall trend for BNB remains bullish when viewed through the lens of the weekly graph. Analysts anticipate an impulsive movement once the current retracement phase concludes, with the key level to monitor for a potential rebound set at $428. A breach below this level could signal a more bearish turn of events.

As BNB navigates this period of consolidation, traders and investors must keep a keen eye on key support and resistance levels. Should the price dip below $520 and $496, immediate support levels to monitor include $489.6 and $460. Conversely, a break above the resistance at $564 could pave the way for further recovery towards $600, with a decisive move beyond $633.5 signaling a potential breakout.

Despite the current calmness in BNB’s price action, it is likely to retest the weekly breakdown support as resistance before embarking on the next downward movement. Notably, the absence of significant buyer activity suggests that the bearish phase may continue, with additional dips anticipated in the near term.

Key Levels to Monitor:

  • Support Levels: $489.6, $460, $428
  • Resistance Levels: $564, $600, $633.5

Should BNB breach support levels at $520 and $496, immediate support is expected at $489.6, followed by $460, with $428 serving as a critical level for a potential rebound. On the flip side, a breakthrough of resistance levels at $564, $600, and $633.5 could pave the way for further recovery.

In summary, while Binance Coin (BNB) faces a period of retracement following its impressive rally, the overarching bullish trend on the weekly chart suggests that significant movements lie ahead. Traders and investors should closely monitor key support and resistance levels for insights into BNB’s future price action.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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