TradeCityPro | BNB : Approaching Key Resistance Levels
2024-12-02

👋 Welcome to TradeCityPro! 
In this analysis, we will examine the price action of BNB, the native token of Binance, the largest cryptocurrency exchange in the world.

 ⏳ Weekly Timeframe: Testing All-Time High Resistance 
On the weekly chart, BNB has been consolidating in a range between $492 and $660 after a strong bullish leg from the $210 support level to its ATH. Currently, the price is near the top of this range, and the increased trading volume at this level suggests a high likelihood of breaking through the $660 resistance.

✨ A breakout above the 62.26 level on the RSI would make this resistance easier to overcome. If the price successfully breaks above $660, the next targets based on Fibonacci extensions are $1043 and $1644. These levels are highly plausible if the RSI enters the Overbought Zone.

🔽 In case of a pullback, the first support level is the bottom of the box at $492, followed by deeper support at $348. As long as the price remains above $348, the overall trend remains bullish. A break below the 50 RSI level, however, could indicate a loss of bullish momentum.



 📅 Daily Timeframe: Parabolic Uptrend 
On the daily chart, the price is in a parabolic uptrend, originating from the $469.65 support level. The price has tested this trendline four times and is currently facing resistance at $660.72. Beneath the price, strong support exists at $606.70, where the market has been consolidating for several days.

🔼 If $660 is broken, the first resistance to watch is at $711, which will serve as the initial target for the upward movement.

📉 In the bearish scenario, if the parabolic trendline and the $606.70 support are broken, the first support level to monitor is $538, followed by deeper support at $469, the bottom of the weekly range. Currently, bullish volume exceeds bearish volume, suggesting a higher probability of breaking through $660 unless significant selling pressure enters the market.

 📝 Final Thoughts

This analysis reflects our opinions and is not financial advice. 

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