BNB Price: Bulls Hold Critical Line, Will Major Move Follow?
The post BNB Price: Bulls Hold Critical Line, Will Major Move Follow? appeared on BitcoinEthereumNews.com.
Binance Coin (BNB) price has been trying to bounce back at a vital support zone that could mark a turning point for a price movement. If the bulls can defend this support line, a massive increase in the BNB price could be on the tip of the spear. The critical support levels, current technical indicators, and chart patterns also show a possibility of a significant upward move, as revealed by. Support Level Test: A Crucial Moment for BNB Coin Price Recently, BNB has bounced off a significant trendline, which acted as a key support level at press time. This level was tested by the price at around $605. However, despite holding its position above this point for several hours, the coin has now slipped back to $601. If BNB bulls are still in control, the potential move could be higher. However, Binance Coin has to maintain its position above this support level to make that potential move. $605 is a significant support level because it has played this role in the past. Charts show a recent bounce off this zone. That’s a sign of strength, as the price did not break through the support but stabilized. A clean bounce from this level will show that buyers are stepping in at a crucial point. It could be the start of a potential rally. BNB 3-hour Chart | Source: Iko | Web3 on X Additionally, the first chart’s trendline shows that BNB has moved conveniently downward for a while. This particular support level could be the underside of this downtrend. BNB price could start moving up and break the downward trendline. Thus, it could mark the end of the current consolidation phase. Technical Indicators Show a Clean Bounce Coming Ahead When writing, BNB price was on the edge of a breakout according…
