Key Notes

Key Notes:

BNB token has shot up 3.5% in the past 24 hours reclaiming the 20-day EMA.Analyst Ali Martinez highlighted that BNB faces multiple resistances at $640, $664, and $700.The key support levels for the BNB token stand at $620, $600, $550.

BNB $669.3 24h volatility: 3.8% Market cap: $97.61 B Vol. 24h: $1.00 B , the native cryptocurrency of crypto exchange Binance’s ecosystem, has turned bullish in the past 24 hours, soaring about 3.5%. At the time of writing, the altcoin trades at $661.10, just 17.36% shy from its all-time high of $793.35, seen about two months ago. This unexpected rally comes amid an uncertain market as Bitcoin BTC $96 656 24h volatility: 1.2% Market cap: $1.92 T Vol. 24h: $18.59 B fails to turn the 20-day EMA into support.

It is important to note that BNB has seen a strong recovery after dropping below $600 on February 3rd. However, prominent analyst Ali Martinez stated in a post on X (formerly Twitter) that BNB faces resistances at multiple fronts, including the 200 SMA (Simple Moving Average), 100 SMA, 50 SMA, 0.382 Fibonacci retracement level, TD Sequential’s resistance trendline, and TD Sequential’s risk line.

Source: Ali Martinez

As seen in the chart above, BNB recently rebounded from lows near $550 and has now reclaimed the 20-day EMA (Exponential Moving Average) at $635.69. While this is bullish, the altcoin still faces substantial hurdles in its way before the all-time high is retested. If BNB manages to reclaim the 50 SMA, 100 SMA, and 200 SMA, a bullish outbreak can be confirmed. However, failure to do so might result in a potential retracement.

Martinez noted that the 0.382 Fibonacci retracement level, often considered a critical point in a recovery, is also acting as resistance. Additionally, the TD Sequential resistance trendline and TD Sequential’s risk line indicate that BNB could be close to the exhaustion point in the current rally.

The key support levels for BNB are $620, $600, and $550, while the prominent resistance levels for traders to watch out for include $640, $664 (0.382 Fib), and $700.

The BNB price analysis using the daily chart provided by TradingView below shows that the RSI (Relative Strength Index) reads a value of 54.65, indicating neutral momentum. Despite its surge in the past day, the cryptocurrency is not yet in the overbought zone, suggesting that BNB still has some room for upside if buyers step in.

Source: TradingView

On the other hand, the MACD (Moving Average Convergence Divergence) indicator has confirmed a bullish crossover, which hints at short-term positive momentum. The MACD line (blue) is above the signal line (red), and the two continue to move apart as buyers dominate the order books.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn

Marco T. Lanz on X