#MarketRebound Bitget Application

Trade Smarter

Bitget

News

Can BNB recover? The support level holds amidst market uncertainty

Can BNB recover? The support level holds amidst market uncertainty

Yellow

Yellow

2024/12/23 10:56

Author : Yellow

BTD

BTD

-0.99%

BNB

BNB

-0.92%

The price of BNB is currently stabilizing above the support mark of $620, positioning itself for a potential jump above the resistance of $675. The cryptocurrency is in a consolidation phase, ready for a possible upward impulse.

Remaining constrained below the support mark of $700, BNB is struggling with obstacles. Its current trading value is below $680 and the 100-hour simple moving average. An analysis of the hourly chart of BNB/USD shows a significant bearish trend, with resistance solidifying at $675, according to Binance data. To pave the way for future growth, it is critically important for the pair to maintain a position above $640.

Support at $620 halted the recent downward trend of BNB, aligning its recovery trajectory with the trajectory of Ethereum and Bitcoin. Previously, movement above $675 was capped by bearish forces near $695.