BNB shows signs of potential recovery, but there are multiple key resistance levels it has to break for a possible surge.
The BNB price has experienced some volatility over the last 24 hours, fluctuating between $886.57 and $923.98, with the current price of $919.17 representing a 1.5% decline. Despite the drop, the price shows signs of recovery, climbing back towards the higher end of its daily range.
In the past seven days, BNB has decreased by 5.6%, showing a slight downward trend. Over the last 14 days, the price has also experienced a 2.7% drop, indicating a more moderate decline.
Additionally, the BNB market cap stands at $127.09 billion, down 1.7% in the past 24 hours. This negative performance, which also left Bitcoin reeling below $90,000, has left speculative traders cautious and uncertain. Will BNB bounce back to test resistance?
BNB Price Analysis
The daily BNB/USD chart from TradingView indicates a slight upward movement in the price. This short-term recovery is happening amidst a generally bearish trend in recent months. The price remains below both the blue Tenkan-sen line at $952.67 and red Kijun-sen line at $1,033.50, which act as immediate resistance levels to break for a surge above $1,100.
The Ichimoku Cloud itself is still acting as further resistance at $1,109.66, with the Cloud turning red ahead, signaling that the bearish pressure could persist later.
On the Awesome Oscillator (AO), the histogram remains negative, showing weaker momentum and further emphasizing the ongoing lack of buying strength in the market. Despite the negative indicators, the price is holding above the key support level of $885.83, which may act as a crucial level to watch. If BNB can maintain its price above this level, it could set up the potential for a rebound.
A Bullish Divergence Incoming?
Elsewhere, as per an analysis from Cryptorphic on November 17, BNB is holding above a key demand zone between $900 and $925, showing signs of potential bullish momentum in the 4-hour timeframe.
This price range has acted as a support level, with BNB currently maintaining its position on it. A key technical pattern forming here is a bullish divergence, where the price remains flat while the Relative Strength Index is showing higher lows, suggesting that momentum could shift to the upside in the near future.
Cryptorphic also highlights that a breakout above the descending trendline would confirm the bullish momentum, potentially leading to a rise in price towards higher levels. However, if BNB breaks below $880, it will invalidate this bullish setup and weaken the structure.