BNB advanced higher last week and broke through a crucial resistance line. It faced resistance and pulled back a little. It is currently in red after losing 3% in the past hours.
In late January, BNB established base support above the $290 level and started to recover. After closing above the $300 mark level that month, it advanced higher this month and remained calm under a descending resistance line for days.
Last week, the price increased significantly and flipped through this resistance line, which suppressed bullish actions for weeks. After touching $326, the buying pressure halted and the price dropped briefly to $317 at the time of writing.
The buying pressure is likely to resume shortly after the ongoing pullback. That should come into play as soon as it retests the broken resistance line as support. Breaking through the $340 level should confirm a bull run from a long-term perspective.
Inversely, failure to rebound above this resistance line may result in more drops before bouncing back. Collapsing below the holding $290 support level could trigger a big sell-off to $270 from a short-term perspective. Such an action will validate a retest of the last December breakout.
As long as BNB keeps trading in a bullish zone, we can expect more positive actions to occur weekly. Nonetheless, the price has increased by 30% in the last 90 days.
BNB Key Level To Watch
Source: Tradingview
If BNB reclaims its previous high of $326.3, the $338.3 level would be the crucial resistance for a breakout. Above this crucial resistance lies the $350 level.
Otherwise, it would continue to drop until it finds a solid ground for a rebound. The closest support for drops lies at $310. If this support fails to provide a rebound, the lower support levels to consider are $300 and $290.
Key Resistance Levels: $326.3, $338.3, $350
Key Support Levels: $310, $300, $290
Spot Price: $317
Trend: Bullish
Volatility: Moderate
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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