Can Binance Coin (BNB) Rise to $300? August 8th BNB Analysis

  • BNB price has provided a 4% return by initiating an upward movement from the level of $235.3.
  • Closings above $240 on a 4-hour basis indicate a rise towards the $255 resistance.
  • Daily closings above the critical resistance level of $276 may lead BNB towards the $300 target.

The daily technical chart of Binance Coin (BNB) clearly demonstrates the decisive impact of the determined support and resistance levels on the price movement. In the recent analysis, it provides us with important clues to understand possible future trends by examining the price’s past performance.

Medium-Term BNB Analysis

Daily BNB/USD Price Chart
Daily BNB/USD Price Chart

When examining the daily technical chart of Binance Coin (BNB), it is observed that the upward movement from the previously highlighted level of $235.3 has provided investors with a 4% return. As the price continues to close above $235.3 on a daily basis, it carries the probability of sustaining the upward trend.

As long as the BNB price remains above the $235 level, we can consider the initial target as $255. Similarly, if it achieves daily closings above $255, we can consider the next upward target as $276.

If Binance Coin continues to maintain its daily closings above the critical resistance level of $276 mentioned in the analysis, we can see the next target as $300. However, we should not forget that for BNB to surpass $300, it needs to first surpass and close above the mentioned resistance levels on a daily basis.

Short-Term BNB Price Analysis

4-Hour BNB/USD Price Chart
4-Hour BNB/USD Price Chart

According to our previous short-term analysis, Binance Coin (BNB) has initiated an upward movement from the support range and is currently trading around $245. As long as the BNB price continues to maintain 4-hour candlestick closings above $240, it can continue its upward movement towards the initial resistance level of $255.

If the BNB price achieves 4-hour candlestick closings above $258, the next upward target will be $266. However, it should be noted that for BNB to realize this upward movement, it needs to first surpass and close above the resistance levels, demonstrating a strong stance.

If the BNB price achieves 4-hour candlestick closings below $240, it may continue the downward trend towards the support range of $235 to $232. However, if BNB can sustain above the $231 level, it will aim to maintain the upward trend.

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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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