Influential crypto analyst Rekt Capital provided a BNB chart update this week. After initially surging to a local high around $340, Binance Coin pulled back to retest previous resistance-turned-support.
Rekt Capital provided an update on Binance Coin’s (BNB) price chart this week. After initially surging to a local high around $340, BNB pulled back to retest previous resistance-turned-support. BNB remains in a new macro-uptrend but may be forming a new range between support at $283 and resistance at $340.
It currently finds itself in “no man’s land” between these levels. Observing how BNB trades around the key $300 support zone should offer additional clues on whether consolidation continues or the uptrend resumes towards $350 resistance.
Delving deeper, analyst group altFINS notes BNB remains in firm uptrends across timeframes following its breakout above the $300 level. This sets the stage for bullish continuation after some consolidation.
Key levels to watch include support at $300, where BNB finds itself currently. Holding keeps upside targets intact towards $350 resistance. Invalidation triggers upon breaking back below $285 support.
The risk/reward ratio is attractive at roughly 1:2 compared to current prices. And while momentum indicators show early signs of waning, the existing impulsive move out of BNB’s base conspicuously lacked euphoric overextension. This provides fuel for additional upside after recharging its momentum.
In summary, BNB appears to be establishing another stepping stone consolidation range before eventually continuing its new bull market uptrend. The $300 support zone is key for the bull case over the coming weeks, with $350 resistance expected on the next leg higher.
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