Binance Coin (BNB) has demonstrated strong recovery momentum after finding solid support at the $635 level, with current trading activity showing sustained buying pressure above $675.
Binance Coin (BNB) encountered strong buying pressure on Monday, rising above the crucial $675 level and leaving behind a week of losses.
The world’s fifth-largest cryptocurrency by market capitalization found support at the $635 price point and demonstrated resilience amid a broader market pullback. Following a pullback from $691, BNB encountered resistance at $674, depicted by a bearish trend line on the hourly chart.
However, the cryptocurrency faced challenges breaking above the $675 price point on Monday, despite closing the previous session above this level. This resistance, coupled with the 100-hourly simple moving average (SMA), served as a barrier for BNB’s further ascent.
At the time of writing, BNB was trading at $652.76, showcasing a 2% decrease in recent trading sessions. The price continued to test the $661 support level, which acted as resistance before the latest price movement.
Analysis of the price structure revealed the completion of a 76.4% Fibonacci retracement level of the downward move from $691 to $637. This technical indicator suggested strong buying pressure during the recovery phase, as traders awaited confirmation of the upward trend.
Volume patterns indicated active market participation at both support and resistance zones, creating defined price levels for traders to monitor and base their decisions on.
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