Why Didn’t Binance Coin (BNB) Initiate an Increase? June 21 BNB Analysis

  • 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

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

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.

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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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