BNB/USDT Weekly Chart Analysis:!!
The BNB/USDT weekly chart shows a long-term uptrend with a series of higher highs and higher lows since early 2021.
Recently, BNB has been in a consolidation phase, oscillating between strong support and resistance zones, but maintaining a long-term ascending trendline.
The key support level is around $450, which aligns with the long-term ascending trendline. This level has consistently acted as a solid floor for price action during pullbacks.
A major resistance level is around $676, marked by the previous high. A successful breakout above this level could open the door for further upside movement.
A continued bounce from the ascending trendline with a push towards the resistance at $676. A breakout above $676 could trigger a rally toward the $1,000 mark, with further upside potential in the longer term.
A failure to hold the support at $450 could lead to a deeper correction towards the next support level around $335 or lower.
The chart hints at a potential cup and handle formation, with the "cup" part of the pattern forming since the high in 2021. A breakout above $676 could confirm this bullish continuation pattern.
The smooth green curve suggests a possible projected path of the price, anticipating a gradual climb if key resistance levels are cleared.
Indicators and Volume:
Monitoring volume trends will be crucial; increased volume during a breakout above $676 would confirm the move's strength.
Oscillators such as RSI nearing overbought levels may indicate short-term pullbacks, but the overall trend remains bullish as long as the ascending trendline is respected.
The long-term outlook for BNB remains positive, especially if the price maintains above the ascending trendline. The projected path indicates potential growth towards $1,300 and beyond, contingent on maintaining the current upward momentum and breaking significant resistance levels.
A stop-loss just below the $450 support is advisable for long positions to mitigate downside risk.
For those looking at bearish setups, a confirmed break below the ascending trendline could warrant short positions targeting lower support zones.
The chart analysis suggests a strong bullish trend continuation for BNB, with significant upside potential if key resistance levels are breached. Watching how the price reacts around the $676 resistance will clarify the next major move further.
Disclaimer: This is not financial advice. Stay updated with market movements and adjust your trading strategy accordingly. Keep an eye out for further updates and analysis. Thank you!
Recently, BNB has been in a consolidation phase, oscillating between strong support and resistance zones, but maintaining a long-term ascending trendline.
The key support level is around $450, which aligns with the long-term ascending trendline. This level has consistently acted as a solid floor for price action during pullbacks.
A major resistance level is around $676, marked by the previous high. A successful breakout above this level could open the door for further upside movement.
A continued bounce from the ascending trendline with a push towards the resistance at $676. A breakout above $676 could trigger a rally toward the $1,000 mark, with further upside potential in the longer term.
A failure to hold the support at $450 could lead to a deeper correction towards the next support level around $335 or lower.
The chart hints at a potential cup and handle formation, with the "cup" part of the pattern forming since the high in 2021. A breakout above $676 could confirm this bullish continuation pattern.
The smooth green curve suggests a possible projected path of the price, anticipating a gradual climb if key resistance levels are cleared.
Indicators and Volume:
Monitoring volume trends will be crucial; increased volume during a breakout above $676 would confirm the move's strength.
Oscillators such as RSI nearing overbought levels may indicate short-term pullbacks, but the overall trend remains bullish as long as the ascending trendline is respected.
The long-term outlook for BNB remains positive, especially if the price maintains above the ascending trendline. The projected path indicates potential growth towards $1,300 and beyond, contingent on maintaining the current upward momentum and breaking significant resistance levels.
A stop-loss just below the $450 support is advisable for long positions to mitigate downside risk.
For those looking at bearish setups, a confirmed break below the ascending trendline could warrant short positions targeting lower support zones.
The chart analysis suggests a strong bullish trend continuation for BNB, with significant upside potential if key resistance levels are breached. Watching how the price reacts around the $676 resistance will clarify the next major move further.
Disclaimer: This is not financial advice. Stay updated with market movements and adjust your trading strategy accordingly. Keep an eye out for further updates and analysis. Thank you!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.