BNB (BNB) Price Analysis: Reaching a Crucial Breakpoint, A Big Move Lurks Around the Corner

BNB’s price is reaching a crucial breakpoint again after experiencing a steady increase from a five-month low. A big move lurks around the corner as the price approaches a key resistance level.

BNB’s price is currently facing a crucial resistance level, with a breakout potentially leading to a big move.

After a brief rally from a five-month low, BNB’s price encountered a setback at $400 earlier this month. However, the token has since seen a gradual increase, reaching a peak of $585 on Friday. This marks a significant recovery from the monthly breakdown, setting the stage for a potential breakout above the $600 level.

The key level corresponds with the previous monthly high of $605, and a successful突破 could pave the way for a fresh bullish move on the daily time frame.

On a shorter time frame, BNB’s price is gradually moving out of a bearish zone, with bulls gaining control on a daily basis. If they fail to push above the key level due to a rejection, the token’s price could roll back until it finds new support.

However, considering the recent price actions, which resemble a reaccumulation phase, a massive surge in volatility can be expected if BNB’s price manages to break through the mentioned key level.

Despite the ups and downs in the past months, BNB’s trend remains very bullish on the macro level. But it must retake the yearly high before confirming a continuation of the existing bullish trend.

BNB Key Level To Watch

The main obstacle level for the buyers right now stands at the $605.6 resistance. A breakout from there should propel buying to $634, $650 and potentially $700 in the near term.

In case of a rejection, the support levels to consider for drops are $553, $525 and $496. Lower levels for drops are $454.7 and $427.3. before reaching the monthly $400 low.

Key Resistance Levels: $605.6, $634, $659

Key Support Levels: $553, $496, $454.7

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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