BNB’s outlook remains bullish on the daily chart but the demand level appears low. The trend is subjected to a sideway movement as it builds up for another big move. It is currently down 3% on a daily scale.
BNB has continued to trade sideways since the price fell off a peak level of $793.8 last month. However, the trend remains bullish on the macro level but has yet to decide on the next major move since last week.
Last week saw the price through a small recovery above the $700 level, but the asset failed to hold its grip during that weekend. It lost momentum again and started this week at a loss. The $671 level provided temporal support on Monday and the price recovered briefly the following day.
The buying pressure stopped yesterday due to a rejection and the bears stepped back. Currently, the price appears weak amid rising sell orders. If the price drops below last week’s low, BNB may paint another bearish scenario capable of causing serious panic and fear in the market.
For bullish actions, BNB must push above the previous high to confirm a continuation. The recent peak is still considered the main level for a break-up. Increasing above it could fuel a bigger gain in the future. A crash below $400 would result in the end of the bull cycle. But for now, there’s still hope for the bulls.
BNB Key Level To Watch
Source: Tradingview
Currently, BNB is aiming to revisit last week’s $660 low. A breakdown from there could slip the price back to $618.7 and potentially $593.
If it climbs back above the key $700 level, the resistance level to watch next would be $745 and $793.8 before exploding higher.
Key Resistance Levels: $700, $745, $793.8
Key Support Levels: $660, $618.7, $593
- Spot Price: $685
- Trend: Neutral-Bullish
- Volatility: Low
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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Source: https://nulltx.com/binance-coin-price-analysis-prediction-january-23-bnb-resumes-sell-after-small-recovery-is-bull-run-over/