- Binance Coin (BNB) price may change direction upwards with candlestick closures above the $267.5 level.
- If the BNB price remains below $267.5, the downward movement may continue to the $249 level.
- A serious spot investor is expected in the support range of $249-$242 for BNB. Long-term spot investments can be considered if the price holds in this range.
When examining the short-term price chart of Binance Coin, it can be seen that candlestick closures above the $267.5 level are important while horizontal movements continue.
Medium-Term BNB Price Analysis
2-Day BNB/USD Price Chart
When examining the 2-day medium-term technical chart of Binance Coin, it can be seen that it is trading below the important support level of $276. Currently, the BNB price is trading at $262.2.
If the BNB price cannot achieve daily candlestick closures above the $276 resistance level mentioned in the analysis, the downward movement may continue to the $249 level.
Especially with Binance being sued by the SEC, there is significant selling pressure on the BNB price. BNB price can continue its downward movement to the $249-$242 range with the continuation of the lawsuit news.
A serious spot investor is expected in this range. If the BNB price holds in this support range, long-term spot investments can be considered. If BNB can hold above this support range, it can start an upward movement from the $290 level.
When examining the 2-day medium-term technical chart of Binance Coin, it can be seen that it is trading below the $276 level. During this period when the price is at $262.2, if it cannot achieve daily candlestick closures above the $276 resistance level mentioned, the downward movement may continue to the $249 level.
Short-Term BNB Price Analysis
30-Minute BNB/USD Price Chart
When examining the short-term price chart of Binance Coin, it can be seen that the price continues with horizontal movements.
If the BNB price achieves 30-minute candlestick closures above the $267.5 level mentioned in the analysis, it may change the direction of the trend upwards in the short term.
If the BNB price closes above $267.5, a Fibonacci line can be drawn from the starting point of the price movement and a long position can be taken from the OTE (Optimal Trade Entry) zone with $255.7 as the stop point.
However, if the BNB price cannot achieve candlestick closures above the $267.5 level, it may realize the downward movement again towards the $255 level.
What is OTE?
“Optimal Trade Entry” (OTE) is a term used to determine the most suitable price level when entering an investment position. OTE helps investors to open positions at the right time and at the right price to reduce their risks and increase their potential gains.
OTE helps investors avoid entering positions near the peak or bottom of the price, avoiding overbought or oversold zones. This can enable investors to achieve high returns with low risk.
