Binance Coin Price Analysis & Prediction (May 24th) – BNB Slips Back After Rejection, Can This Support Hold?

2023-5-24 10:37

Earlier last week, Binance (BNB) bears had a stopover above a crucial level following a consistent roller coaster since late April. It recovered a bit and now resumes selling towards that level.

Despite the relative calmness across the crypto space for some days now, the bears are not letting go off the hook as they aim to tap more gains in the coming. 

However, the sentiment could change if the bulls start to show a strong commitment to price actions. Looking at the previous week’s recovery that lasted to a two-week high of $316, the bulls could not push beyond the high and that resulted in a fallback. It is looking for support again. 

Meanwhile, BNB found support at the $301 level during the last dip. This level coincides with the wedge’s lower trendline, making it a solid area for the bears to crack. They may succeed this time but $300 remains a crucial support level if a lower break occurs. 

While anticipating such a move, there’s still hope for the bulls as long as the price remains inside the ascending wedge. A recovery from that lower trendline could activate a fresh bullish rally to the upper trendline in the future. 

Right now, there’s no upcoming build-up to assume that buyers are showing interest. A strong bounce around the previous support could set a bullish tone for a mid-term rally.

BNB Key Level To Watch Source: Tradingview

As BNB slips toward the previous holding support at $301, the next levels to watch are $283.2 and $270 if the price drops below the wedge. 

A potential rebound, on the other hand, could set the price for a rally towards the $318.4 and $327.8 levels. If the crypto pushes above those levels, the next resistance area to watch are $337.5 and $346.4.

Key Resistance Levels: $318.4, $327.8, $337.5

Key Support Levels: $300, $283.2, $270

Spot Price: $307 Trend: Bearish 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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