Despite the crypto market struggling today, BNB’s price has seen decent gains. The token’s price is up 1.03%, and more people are trading it too; volume has risen 2.24%.
Crypto analyst Poseidon took note of BNB’s strength. He mentioned on X (formerly Twiter) that BNB has bounced back completely from when the market dropped last week. According to Poseidon, if BNB can stay above a key price level, it could push up toward $840.
What you'll learn 👉
BNB Key Support Zone Holds Strong, Indicating Bullish Momentum
BNB’s price action shows a strong reclaim of a critical resistance level, represented by the red box on the chart. This level has previously acted as both resistance and support, making it an essential zone for traders to watch.
The price fell under this zone for a moment but bounced back fast, showing strong buying interest there. This looks like a typical pattern where the price tests old resistance as new support – something we often see before further upward moves, as long as the support holds.
Potential for Upside as BNB/BTC Chart Shows Strength
Another factor supporting BNB’s bullish outlook is the BNB/BTC pair, which appears to have found a bottom. When an altcoin shows strength against Bitcoin, it often indicates a period of relative outperformance. If this trend continues, Binance coin’s price could see further gains in USD value, reinforcing its bullish structure.
Read Also: Here’s Why the Cardano (ADA) Price Pumped 22%
Poseidon’s analysis suggests that BNB may be positioned for an “up only” move, provided it holds above the established support zone. A high-volume breakout above recent highs could accelerate the push toward the $840 target.
What to Watch Moving Forward
BNB’s ability to maintain its position above the support/resistance zone remains the key factor in determining its next move. If BNB’s price stays above this level, bullish momentum could continue. However, a loss of support may weaken the current structure, leading to downside risks.
As market conditions evolve, traders will be monitoring volume and price action to gauge whether BNB can sustain its current uptrend.
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