Binance Coin (BNB) Price Target Revealed! August 1st BNB Analysis

• BNB price has started its upward movement with strong buying at the level of $235.3 and is currently trading at $244.24.
• If BNB closes above the resistance level of $246 for 2 hours, it has the potential to continue its rise towards $255 and $257 levels.
• Short-term investors may expect a drop to the level of $242. However, if BNB closes above $242 for 2 hours, it may resume its upward trend.

When analyzing the 2-hour technical chart of Binance Coin (BNB), it can be seen that the upward movement, which started with strong buying at $235.3, continues. The mentioned resistance and support levels are of critical importance for investors.

Medium-Term BNB Analysis

12-Hour BNB/USD Price Chart

In our analysis on July 24th for BNB, we predicted that the upward movement could start with strong buying at $235.3. Indeed, BNB encountered strong buying demand at the $235 level and initiated the upward trend.

If BNB continues to close above $235 on a daily basis, it may aim to reach the first target of $276. If BNB closes above $276 on a daily basis, the next target will be the daily resistance level at $310.

For investors who missed the previous analysis, it will be important to wait for daily closes above $255 for BNB. If BNB closes above $255 on a daily basis, the likelihood of the upward trend continuing may increase.

Short-Term BNB Analysis

When examining the 2-hour technical chart for Binance Coin (BNB), it can be seen that the upward movement started between the support range of $235.83 and $232 and is currently trading at $244.24.

If BNB closes above the mentioned resistance level of $246 for 2 hours, it may reach the first target of $255. If it surpasses the $257 resistance, the next upward target could be at $266.

Short-term investors may expect a drop to the level of $242 for BNB. However, if Binance Coin (BNB) closes above $242 for 2 hours, the likelihood of resuming the upward trend will increase.