Is Binance Coin (BNB) Starting a $265 Rise? August 27 BNB Analysis

  • BNB’s short-term technical analysis shows that it exhibits price movements close to the $220 resistance level.
  • If the price closes above $220 for 4 hours, it has the potential to continue its rise up to $225.
  • However, the importance of maintaining the $220 support and closing below it is emphasized, otherwise it may extend its decline to $216 and $214.

According to BNB’s short-term technical analysis, the price is trading close to the $220 resistance level. If 4-hour closures above $220 occur, there may be an increase up to $225. However, closures below the $220 support can trigger a decline, in which case the $216 and $214 support levels become important.

Medium-Term BNB Analysis

2-Day BNB/USD Price Chart
2-Day BNB/USD Price Chart

When examining the 2-day technical chart of BNB, it is observed that it has risen to the $218 level by encountering buying demand at the important support level of $207. As long as the price stays above $207, it may have the desire to expand its rise up to $228.

If the BNB price achieves 2-day closures above the $229 level, it may have the possibility to continue the upward trend. If stability is achieved above the $229 level, it may intend to target the next level of $245. If BNB accepts the $245 level as support, it can continue its rise up to $265.

If the BNB price fails to achieve 2-day closures above $228, it may have the desire to extend the downward movement back to $207. Therefore, it is important to carefully observe the reactions at the $228 level and consider profit-taking if stability cannot be maintained above this resistance.

Short-Term BNB Price Analysis

1-Hour BNB/USD Price Chart
1-Hour BNB/USD Price Chart

When examining the short-term technical analysis of BNB, it is observed that it exhibits price movements close to the $220 resistance level. If the BNB price achieves 4-hour closures above $220, it may have the intention to continue its rise up to $225.

However, it is important for BNB to maintain the $220 level as support and be able to make 4-hour closures below it. If the BNB price cannot surpass the $220 resistance, it may have the possibility to extend the decline first to $216 and then to $214.

If BNB coin achieves 4-hour closures below $214, it may have the potential to continue its decline down to $211. Therefore, it is important to closely monitor the mentioned support levels.

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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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