Binance Coin (BNB) Can Start Its Rise from This Critical Level! July 23 BNB Analysis

  • Binance Coin (BNB) price is moving horizontally below the resistance level of $246 in its 3-hour technical chart. The range of $235 – $232 stands out as an important support area, and daily closings above this level indicate an uptrend.
  • If BNB reaches the support level of $235 – $232, many BNB whales are expecting to buy at this level. However, if the price fails to show strong buying reactions from this area, the downward trend may continue to $224.
  • In a possible bullish scenario, it is important for BNB to make daily closings above $246. Closings above the level of $255 can trigger a movement towards $276, initiating an uptrend.

According to the technical chart of Binance Coin (BNB), the price is seen moving near the support level of $235 – $232 and horizontally below the resistance level of $246. In our article, we will carefully focus on the possible price movements and decisive support-resistance levels of BNB in the future.

Medium-Term BNB Analysis

Daily BNB/USD Price Chart
Daily BNB/USD Price Chart

When examining the technical chart of Binance Coin (BNB), it is observed that the price is moving near the support level of $235. As long as the BNB price continues to make daily closings above the level of $235, it can continue its uptrend towards the mentioned level of $276 in the analysis.

However, for BNB to reach the levels of $276, it first needs to make daily closings above the level of $255. Since June 12, the BNB price has been moving horizontally in the range of $255 – $220.

While many BNB investors are waiting for the start of the uptrend, it is crucial for the BNB price to first maintain the support of $235 and then make daily closings above the resistance of $255. Monitoring these specified levels will be important for investors.

Short-Term BNB Price Analysis

3-Hour BNB/USD Price Chart
3-Hour BNB/USD Price Chart

When examining the 3-hour technical price chart of Binance Coin (BNB), it is seen that the price continues its horizontal movements below the important resistance level of $246. As long as the BNB price makes closings below the level of $246 in the 3-hour timeframe, the downward trend can continue to the range of $235 – $232.

Many BNB whales are waiting to buy BNB from the range of $235 – $232. If the BNB price reaches the support range of $235 – $232, closings below the level of $230 in the 3-hour timeframe can be considered as a stop point for spot investors.

If BNB encounters strong buying reactions from the support range of $235 – $232, it can continue the uptrend from this area to the levels of $266. However, the BNB price should aim to continue its uptrend by making daily closings above the level of $246.

If the BNB price fails to show strong buying reactions from the support range of $235 – $232, it can continue the downward trend to the support of $224. Therefore, BNB investors should carefully monitor their buying reactions from the support range of $235 – $232.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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