- A BNB outbreak up to $ 680 was in sight after retesting the lows of $ 534.
- The steady sale that was defined after the OBV meant that a bullish (more than $ 720) would probably not come out quickly.
In February Bitcoin, the crypto -market leaders [BTC] and Ethereum [ETH] Saw their steepest falls for the month in ten years.
This worsened the fear on the market, and the altcoins had more losses than BTC in general.
The volatility on Monday saw Binance Coin [BNB] The influence of less than some other alts – BNB fell by 12.42% compared to the fall in the ETH of 19.73% to the respective fluctuating depth.
A study by the HODL waves showed that there had been a profitable activity, because the exchange of $ 600 reached in the second half of 2024.
In the past three months, the waves showed some HODL behavior again. Could this see a new Uptrend for BNB?
BNB is preparing to challenge the $ 625 resistance
Source: BNB/USDT on TradingView
Although BNB may have seen less volatility on Monday than Ethereum, it has still been quite volatile in the last six weeks.
There were three important levels for BNB traders to watch-the resistance of $ 721, the $ 534 support and the $ 620- $ 640 zone in between that has both resistance and support.
The price is wild about this important S/R level, so that the importance it had decreased in December and January.
In the past month, the RSI was lower than neutral 50 to indicate that the downward momentum was common. The OBV has also witnessed a retreat.
The lower schedules showed the local highlights at $ 620 and $ 680 were important resistors.
But as things stand out, it would be better to treat BNB as Rangebound than a trending active. That is why a step than $ 620 and a retest would be a buying option.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
Credit : ambcrypto.com
