BINANCE COIN PRICE ANALYSIS & PREDICTION (February 17) – BNB May Advance Recovery as it Finds Support Above $650
Another 1% daily loss has brought a little setback in the recovery but BNB has found temporal support since it rejected a month high last week. A further increase should bring a full recovery to the top.
The battle for the position of the fifth largest crypto by market cap has been a tough one between BNB and SOL since mid-2024. Their usage and adoption rate have been the major things driving demand and growth.
Though the latter enjoyed this position for quite a long time now since the battle started. Following an impressive recovery past $700 last week, the former quickly regained its spot and now holds a market cap of $96 billion. BNB is currently up 11% weekly despite today’s market drops.
However, looking at the daily chart, the price recovered well from the dip. But it lost steam after facing resistance last Thursday. It pulled back and later found a key level at $652. This key level has been holding as support for almost a week and is now aiming to resume daily recovery.
A drop off this temporal support could slide us back under $600 or even lower. This may cause another severe pain while the bulls try to regroup.
BNB Key Level To Watch
If BNB climbs back above $700 to retake last week’s $732 high, it may flip through $745 to reclaim the main $793.8 resistance – marked as a new all-time high last December. A surge above this should rocket the price to a new high.
Losing the holding $652 support, BNB may navigate $618.7 for support. A drop below it could bring us to $590. Lower support levels to watch for drops are $544 and $500.
Key Resistance Levels: $700, $745, $793.9
Key Support Levels: $618.7, $590, $544
- Spot Price: $668
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
