BINANCE COIN PRICE ANALYSIS & PREDICTION (November 14) BNB Bounces This Critical Zone After A Retest, Bigger Moves Ahead
Following the current drop across the crypto space, BNB bounced back from a critical trading zone after initiating a small pullback yesterday. It looks weak in the past hours but is now bullish again.
Last weeks trading was interesting for BNB, as it resumed bullish impulsive movement after undergoing a small retracement phase.
During that period, BNB posted major gains and successfully broke out of a critical resistance zone (marked orange) after several failed attempts to scale through in the past months. It tested $667 yesterday but was unable to advance higher due to a rejection.
Unfortunately for the bulls, exhaustion set in and the price dropped. The buying pressure cooled off throughout yesterday as it briefly lost steam. The price traded back in the resistance zone, although it appeared more like a retest of last weeks breakout, and rebounded after holding the zone as support. As seen on the daily chart, BNB is rising back.
Dropping off this zone could bring more setbacks in the market, leading to a temporal halt in the bullish rally. But from the look of things, the pullback appeared to have ended.
Meanwhile, the slight drop was majorly triggered by the recent drop in Bitcoins price. But now that the primary crypto is resurging, we can expect an exponential increase in BNBs price soon. While the price is still facing hurdles, its macro-bullish trajectory remains intact.
BNB Key Level To Watch
Bouncing off this resistance zone as support, the resistance levels on the way up are $645.2 and $678 before testing the current all-time $721.8 high, where a major rally will likely take place.
The $600 level is currently providing support. If the price dips below it, it may revisit the $566 support level before climbing back. Below it lies the monthly $543 low.
Key Resistance Levels: $645.2, $678, $721.8
Key Support Levels: $600, $566, $543
- Spot Price: $637.5
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: moxumbic/123RF // Image Effects by Colorcinch
Text source: NullTX
