- BNB price can fully initiate an upward trend by closing above the $265 level on a daily basis.
- If the $265 resistance cannot be overcome, BNB price may retreat to the $220 levels, entering a downward movement.
- For BNB to sustain its upward trend, it is important for it to rise to the $265 level with the support of Bitcoin.
When examining the Binance Coin (BNB) price chart, it is observed that the $265 resistance must be surpassed for the full initiation of the upward trend.
Medium-Term BNB Price Analysis
When examining the Binance Coin (BNB) price chart, we observe that it is moving around the $246 levels. Today, it experienced a 4.41% increase, reaching the $249 levels.
For BNB price to fully initiate the upward trend, it needs to achieve daily candle closes above the $265 level.
If BNB price achieves closes above the $265 level, the next upward target can be set at $315.
However, if BNB price cannot surpass the $265 resistance, it may retreat to the $220 levels again.
BNB price may aim to rise to the $265 resistance with the rise of Bitcoin.
Short-Term BNB Price Analysis
1 Hour BNB/USD Price Chart
When examining the technical chart of BNB, we observe that it has broken the descending trendline and continued its upward movement after a retest.
In our previous BNB analysis, we shared that if it stays above the $231 level, the target would be set at $257. BNB price provided a 7% increase from this mentioned region, delivering returns to our readers.
Click Here to Review the Previously Shared BNB Analysis.
As long as BNB price achieves candle closes above the $241 level on an hourly timeframe, it has the potential to continue the upward movement towards the $257 levels.
