Larger-cap altcoins are in green today as BNB surged consistently for the past five days. It broke slightly above a key resistance level a few hours ago but finds it difficult to advance rallies due to small rejection.
As this week comes with another notable increase, BNB changed levels and pushed well above the important $260 resistance level that failed a few weeks ago.
The crypto sustained pressure and surged through $272 (last month’s high) to reach a daily high of $276.5. It paused buying and slipped to a daily low of $265. The price recovered quickly to where it currently trades at $270.
We can expect a bigger recovery towards June’s cracked support (held as resistance) as soon as the price closes significantly above the current daily high. Failure to break this high may result in a pullback.
BNB’s daily volume indicator has been on the fall this week, suggesting a potential drop. If that happens, the price may consolidate for a few days before deciding on the next direction. Currently, the asset is facing resistance.
Despite that, it has formed a bullish pattern on the daily chart, looking poise for a bigger price movement. The trend remains bullish on a weekly scale.
BNB Key Level To Watch
Considering a surge above the immediate $272 resistance level, the next area of interest to watch for buying would be $285.8. The main targeted resistance to keep in mind for this recovery is $300.
Currently, the closest support levels to watch for a pullback are $262 and $258. Below this level lies $249. The $236 level would be the next support to consider for drops in case of more dips.
Key Resistance Levels: $272, $285.8, $300
Key Support Levels: $262, $249, $236
- Spot Price: $270
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.