As Bitcoin’s price increased to a new high, most large-cap altcoins are relatively down today, including Binance Coin, which suspended bullish to sideways for the past week. It just dropped and now heads for $600.
This month’s rally in BNB’s price was remarkable following a successful break out of a key resistance level after months of failed attempts to scale through it.
Unfortunately, the bears intercepted the rally and the price fell after touching the $6687.4 level on November 12. This led to a serious volatility squeeze for a week as it entered a consolidation phase.
That brought a lack of interest in the market but the price is now dropping, testing the crucial support zone (marked orange) flipped as resistance two weeks ago. While the market still favours the bulls from a long-term perspective, they appeared weak at the time of writing.
The latest drops show signs of supply in the market. If BNB continues to supply from the current trading level, it may test the $600 level before resuming a buy. A dip below the orange zone could bring a little setback for the bulls before regaining control.
An increase in the demand level should bring buying back into the market. That could fuel a new surge before breaking higher. The overall market outlook remains bullish. As a result, bigger rallies can be expected.
BNB Key Level To Watch
Breaking down from a week consolidation phase, the potential support to watch for a test is the key $600 level – flipped during the recent leg up. The $580, $566, and $543.6 levels would be the next support to consider if the price breaks lower
Towards the upside, BNB must retake the $645.2 resistance along with the monthly $667.4 high before breaking through the $678 resistance level to $721.8
Key Resistance Levels: $645.2, $678, $721.8
Key Support Levels: $600, $566, $543.6
- Spot Price: $604
- Trend: 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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