😈 BNB’s Unholy Rally: Soars 3.5% Amidst Market Uncertainty 📈

by

BNB
$666.3

24h volatility:
5.0%

Market cap:
$96.95 B

Vol. 24h:
$1.41 B

BTC
$96 189

24h volatility:
0.2%

Market cap:
$1.91 T

Vol. 24h:
$46.90 B

😈 The devilishly delightful BNB, the native cryptocurrency of Binance‘s ecosystem, has been on a roll 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 😴 fails to turn the 20-day EMA into support.

💡 It’s 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

Multiple Resistances

📈 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.

Read More

2025-02-12 20:01