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BINANCE COIN PRICE ANALYSIS & PREDICTION (January 7) – BNB Faces Slight Rejection As It Stages Fresh Rally With A Weekly 4% Surge
The latest market analysis suggests that the current bullish momentum in the cryptocurrency market has led to a significant surge of over 4% for Binance Coin (BNB), which is now trading above the crucial $700 level. Although this fresh rally might be met with slight rejection, it still presents an attractive buying opportunity for investors.
The recent recovery from the low points in August 2024 has put BNB back on a buying mode, with the price touching the $745 mark yesterday before facing a pullback. However, despite this rejection, the long-term trend still favors the bulls, indicating that a bearish action is currently unlikely.
The key level to watch for any potential retest would be around $716, which should bring back buying pressure into the market if held. On the other hand, the current volatility may cause a temporary setback before the next leg up begins.
In the grand scheme of things, it’s crucial to note that BNB has witnessed a substantial recovery from its August 2024 lows and is currently poised for an even bigger move as momentum gathers daily. A monthly close above the previous high could be a strong indication that the asset is set for a massive explosion.
Looking ahead, any attempt by the price to retake yesterday’s high of $745 could trigger a fresh push towards minor resistance levels of $761 and potentially even $793.8. This would require a successful breakout through the current ceiling at $800, which is considered the key level for a further upside move.
Conversely, if the bulls fail to defend the $700 level as support, we may see a slight drop to $683 before possibly consolidating or finding new equilibrium at $642. However, should this line be breached, the critical $600 mark serves as a crucial defense line for the bulls.
In summary, while BNB has faced some rejection in its latest rally, it still presents an attractive buying opportunity for investors due to the underlying bullish trend and the potential for a massive move if the price can close above previous highs.
Source: nulltx.com
