Can Binance Coin (BNB) Start Its Rise? June 16 BNB Analysis

• Binance Coin (BNB) has broken the downward trend line and has risen to levels of $240.
• BNB is currently trying to hold onto the trend support at the $231 level, and if it closes above $231, it has the potential to rise towards the $257 level.
• However, for BNB to surpass the $257 level, it first needs to close above $242. Otherwise, a downward movement and an expansion towards the $224 level may be observed.

Binance Coin (BNB) price has recently broken the downward trend line and started to rise. Currently, BNB is trying to hold onto the support zone at $231 and if it maintains stability on the 30-minute chart, it can move towards the $257 level.

Medium-Term BNB Price Analysis

2-Day BNB/USD Price Chart

When the technical chart of Binance Coin (BNB) is examined, it can be seen that the price is moving above the important support zone of $222 – $206.

If BNB continues to close above the $222 – $206 support range on a daily basis, it can continue its rise towards the mentioned $265 levels as stated in the analysis.

If the BNB price closes above $265 on a daily basis, the next target will be $315.

However, Binance Coin (BNB) price must surpass the $265 level to initiate the upward trend.

If the BNB price fails to break the $265 level, it has the potential to continue the downward trend. If it closes below the mentioned $206 support on a daily basis, it can extend the downward movement to $183.

Short-Term BNB Price Analysis

30-Minute BNB/USD Price Chart

When the price chart of Binance Coin (BNB) is examined, it can be seen that the price has broken the downward trend line and has risen to $240 levels.

BNB price is currently trying to hold onto the trend support at the $231 levels. If it stays above the $231 support on the 30-minute timeframe, it can continue its upward movement towards the mentioned $257 levels as stated in the analysis.

However, for the BNB price to reach the $257 levels, it first needs to achieve candlestick closures above the $242 level.

If the BNB price achieves candlestick closures below the $231 level, it can extend the downward movement to $224.