- The 3-hour chart for BNB indicates that it is trading near the range of $205 to $203.79. This support zone is considered a critical level for the price.
- If the price of BNB manages to gather strong buying responses from this support range, it could potentially mark the resumption of the uptrend and push the price up to $209.85.
- However, if the BNB price is able to close above $210 for a 3-hour period, it might indicate a potential move towards the next significant resistance level at $212.
BNB is trading within the $205 to $203.79 support range on the 3-hour chart. It is noted that if strong buying doesn’t emerge from these levels, the price could continue its downward trend. However, closures above $210 suggest a potential for further upside.
MEDIUM-TERM BNB ANALYSIS
When we look at the 12-hour technical chart for BNB, we see that the price is trading within a support range. However, the BNB price has tested the gray support mentioned in the analysis for the third time and is not showing as strong buying pressure as in previous tests.
Therefore, BNB investors should be cautious of daily closes below $204. If the BNB price closes below $204 on a daily basis, the downtrend will likely continue towards the blue support range of $186 – $176.
However, if the BNB price sees strong buying response in the $204 – $207 support range, the target for the upward movement could be $221. Coinotag analysts suggest that BNB is suitable for medium-term spot investments if it falls to the $186 – $176 support range, and the upward target is $265 as long as it does not close below $176 on a weekly basis.
SHORT-TERM BNB ANALYSIS
When looking at BNB’s 3-hour technical chart, it’s observed that the price is trading near the range of 205$ – 203.79 dollars, which is an important support zone. If BNB’s price receives strong buying reactions from this support range, it could initiate an uptrend, pushing the price up to 209.85 dollars.
If BNB’s price manages to close above 210 dollars in the 3-hour timeframe, it could continue the uptrend, potentially reaching the next significant resistance zone at 212 dollars. Therefore, BNB investors should pay attention to closures above the 210-dollar mark.
However, if BNB’s price doesn’t witness strong buying pressure from the 205$ – 203.79 dollar support range and fails to establish new highs on lower timeframes (15 minutes – 30 minutes), it may continue to follow a downtrend.
