After a sharp sell-off earlier this year, Binance Coin has been consistently building higher lows and squeezing into a converging structure near the key resistance. The bulls are fiercely defending the mid-range, but the price is now approaching a critical breakout zone.
Key things that stand out on the chart:
โข The bullish trend structure is still intact
โข Momentum is recovering after several resets
โข Price is reclaiming the short-term moving averages
โข Heavy resistance is present above near the large volume supply zone
โข Key support below is still strong from the overall trendline
If the bulls can break through this resistance block with good trading volume, the next phase of expansion could come swiftly. However, if we face rejection here, BNB may retrace towards lower liquidity and support levels for another reset.
This is one of the cleanest pressure setups in the market right now and is worth keeping a close eye on over the coming weeks.
Are you bullish or bearish on Binance Coin from here? ๐
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