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Binance Coin (BNB) Must Break This Critical Level to Initiate an Upward Trend!

  • Binance Coin is moving above $214 on the hourly chart, with a target of $220.
  • Closing below $214 could lead to a decline towards the support range of $209.5 – $207.
  • With strong buying in the $209.5 – $207 support range, the upward target could be $225.

As long as BNB stays above $214 on the hourly chart, there is a possibility of a rise to $220. However, closing below $214 could extend the decline to $207. If strong buying comes from the $207 support zone, the target could reach $225.

Medium-Term BNB Analysis

2-Day BNB/USD Price Chart
2-Day BNB/USD Price Chart

When evaluating the technical chart of Binance Coin (BNB) for the past two days, it continued its rise with strong buying movements from the critical support level of $208 and reached levels around $216.

If the BNB price maintains daily closes above the $208 level, it could rise to levels of $228. If daily closes above $230 are achieved, the next target could be the range of $250 – $265. However, if daily closes above $230 cannot be sustained, the downward trend could continue to $208.

If the BNB price extends its decline with daily closes below $208, it could reach the support range of $186 – $176. If strong buying demand comes from this support range, the price could rise again and reach $265.

Short-Term BNB Analysis

1-Hour BNB/USD Price Chart
1-Hour BNB/USD Price Chart

When examining the hourly technical chart of Binance Coin (BNB), it can be seen that the price is moving above the blue support zone of $214. As long as BNB stays above $214, it could continue its upward trend towards $220.

However, if BNB closes below $214 on an hourly basis, it could extend its decline to $211 first and then to the support range of $209.5 – $207. BNB investors should pay special attention to candlestick closes above and below the $214 level.

If the BNB price encounters strong buying demand from the $209.5 – $207 support range, the next upward target could be observed at $225.

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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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