Market corrections appeared to have finished following the latest surge in altcoins including BNB, which is now sitting well above the $700 level. It encountered resistance but is now undergoing a pullback.
BNB started this year on a good note following an impressive recovery from the recent low. This puts the crypto back on a buying mode as it taps the $745 level yesterday following a positive weekly start.
Unfortunately, the level stopped the bulls due to rejection and the price closed on a pullback. The potential level for a retest is $716. A hold at this level should bring buying pressure back into the market.
But the bulls are currently regrouping as volatility turns low. However, the trend is still much more in their favour from a long-term perspective. Due to this, we can expect them to step back anytime soon as correction appears finished daily. As of now, there’s no room for a bearish action.
Looking back from where the price bounced back to $400 in August 2024, BNB has seen a significant recovery so far but it appears to be staging a bigger move as it gathers momentum daily. A monthly close above the previous high could set the asset for a mega explosion.
BNB Key Level To Watch
Source: Tradingview
Retaking yesterday’s high could fuel an increase to a minor resistance level of $761, followed by the $793.8 level, printed as the highest level so far. To confirm more upside movement, $800 is considered the key level for a breakup.
In case of a drop, the $700 level may hold as a defence line for the bulls. If they fail to protect it, we may see a rollback to $683 and maybe $642. Below it lies the key $600 level
Key Resistance Levels: $761, $793.8, $800
Key Support Levels: $683, $642, $600
- Spot Price: $727
- Trend: Bullish
- Volatility: High
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-7-bnb-faces-slight-rejection-as-it-stages-fresh-rally-with-a-weekly-4-surge/
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