Breaking out to a new high this month, BNB encountered resistance and took a sharp downturn after rising by over 50% in a month. However, despite this week’s reduction, it remains strongly bullish monthly. BNB’s bullish trajectory remains valid from a long-term perspective but there has been a little setback in the market following a sudden price crash below the vital $700 level two days ago. This crash was followed by a rejection after printing a new high at $793 a week ago. The bulls failed to sustain momentum and temporarily lost track as they appeared exhausted on the intraday trading. However, the crypto recovered back above the vital level after holding the $642 level as support. The bulls appeared to be stepping back slowly and are now looking set for a fresh increase on a daily scale. Although buying volume might appear low at the moment, we can expect a notable increase in the next few days. Such a surge should bring a significant recovery in the recent crash and also activates a stronger rally. Currently, there’s no sign of a reversal as the bulls continue to dominate monthly. BNB must drop below the $500 level before considering a short-term shift in the market structure. As of now, the bulls are still in control. BNB Key Level To Watch Source: Tradingview Now that the price is back above $700, the potential resistance levels to keep in mind are $721.8, $761 and $793.9 – the current high. Pushing above these levels could set the market up for a bigger move to $900. While there’s no room for selling, the holding support level right now is $687.7, followed by $642. The $600 level is another key support to consider in case of more drops. Key Resistance Levels: $721.8, $761, $793.8 Key Support Levels: $687.7, $642, $600 Spot Price: $702.8 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: skorzewiak/ 123RF // Image Effects by Colorcinch
