According to a weekly chart analysis by Top analyst Crypto Tony, the price movement of Binance Coin (BNB) is showing signs of significant upward momentum, suggesting a strong bullish phase in the cryptocurrency market.
The analyst’s chart illustrates several consecutive green candlesticks, indicating a sustained upward trend. Crypto Tony highlighted three horizontal lines on the chart, representing potential support and resistance levels.
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Breakout Suggests New Higher Range
“A flip of $662.00 highs is the safest long if you are waiting for an entry,” Crypto Tony stated in a tweet, referring to the highest horizontal line on the chart. This line likely represents a previous resistance level that the price has surpassed, potentially signaling a breakout and suggesting that BNB might find new support at higher price ranges.
The middle horizontal line could indicate a level that previously acted as both resistance and support. However, the price has moved well above this line, implying that it is currently not an active level of resistance or support.
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Show more +Key Support Level Remains Untested
The lowest horizontal line on the chart might represent a key support level that the price tested in the past but has not approached recently. If the upward momentum continues, this level may not come into play unless a significant market correction occurs.
According to data from CoinMarketCap at the time of writing, the BNB price is currently trading at $600.82, up 2.07% in the last 24 hours. The strong bullish sentiment among investors and traders has fueled Binance Coin’s upward trajectory, with the potential for further gains if the current trend persists.
Crypto analysts and market participants will monitor the price movement of BNB and other major cryptocurrencies to identify potential entry and exit points, as well as any shifts in market sentiment that could influence future price action.
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