BNBUSDT remains within an ascending channel dating back to January 2024, with multiple strong reactions at both boundaries.After testing the upper boundary and hitting a new ATH last December, it entered a clear downtrend (orange trendline) that led to multiple attempts at the channel's support.
Price action is now getting compressed, and we could see a breakout soon.
Key Levels
• To the upside, the main resistance remains ~$700 area.
• Above that,
BNB could have a shot at a new ATH and potentially the channel's upper boundary in the ~$900 area.• To the downside, in case of a channel breakdown, $400 seems the first logical support (important S/R for previous swings).
Still very uncertain and in a No-Trade Zone until a breakout is confirmed.
Trade active
BNB breakout confirmed. Watch for a retest of the resistance as support for a potential long entry with good R/R.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.