- Despite the general upward trend in the market, BNB price experienced a 0.77% decrease today, indicating significant selling pressure.
- For BNB to start its upward movement, it needs to achieve daily candle closures above the $255 level.
- BNB’s price chart is moving within an upward trend on the 4-hour time frame, with the $241 – $238 range serving as an important support level.
Despite the general upward trend in the market, Binance Coin (BNB) experienced a 0.77% decrease today, indicating significant selling pressure. According to analyses, BNB needs to surpass a specific resistance level in order to transition into an upward trend.
Medium-Term BNB Price Analysis
2-Day BNB/USD Price Chart
When examining BNB’s daily price chart, despite the general upward movements in the market, a 0.77% decrease in BNB price was observed today. This indicates significant selling pressure on BNB.
For BNB to start its upward movement, it needs to achieve daily candle closures above the $255 level. If BNB fails to break this level, the downward movement can extend to the $235 levels.
However, if BNB achieves daily candle closures above the $255 level, it can sustain its upward movement towards the $265 level and then the $285 levels.
In the past few days, Binance Coin (BNB) has faced significant selling pressure. Despite seeing more than 10% upward movements in the market, BNB’s price has not followed this trend.
Short-Term BNB Price Analysis
4-Hour BNB/USD Price Chart
BNB’s price chart is moving within an upward trend on the 4-hour time frame. According to the analysis, as long as BNB’s price remains above the $241 – $238 range, it can continue its upward movement towards the $260 levels.
However, if BNB’s price achieves 4-hour candle closures below the $252 level, the support levels mentioned in the analysis will become the downward targets.
If BNB’s price achieves 4-hour candle closures below the $238 level, the downward movement can extend to the $225 levels. Therefore, it is important for BNB to remain above the $252 level in order to continue its upward movement.
