- When examining the short-term technical chart of BNB, it is observed that it is moving near the support level of $208.
- If hourly closes below $208 continue, there is a possibility of continuing the decline towards the range of $207 – $205.
- However, in order to rise to the level of $211, supportive hourly closes above $208 are required.
The short-term technical chart of BNB shows that it is moving near the support level of $208. If the closes below $208 continue, the decline can be extended towards the range of $207 – $205. However, supportive closes above $208 can increase the possibility of the price rising towards the level of $211.
Medium-Term BNB Price Analysis
When examining the important support and resistance levels of Binance Coin, it is observed that the BNB price continues its downward movements as it closes below $228 on a daily basis. As the price continues to close below $228, there is a possibility of extending the downward trend towards the support range of $186 – $176.
If the BNB price encounters a strong buying reaction from the support range of $186 – $176, it has the potential to initiate the upward trend from this critical range and first aim for the levels of $228. Afterwards, it has the potential to rise up to the level of $265.
However, if Binance Coin closes below the level of $176 on a three-day basis, there should be consideration for the possibility of extending the downward trend towards the weekly support zone at $148. On the other hand, closes above $176 can contribute to the reinitiation of the upward trend towards the mentioned targets.
Short-Term BNB Analysis
When examining the technical chart of BNB in the short-term time frame, it is observed that the price is moving near the support level of $208. If BNB continues to close below $208 on an hourly basis, there is a possibility of continuing the decline towards the range of $207 – $205. Similarly, closes below $205 can also continue the decline. However, if strong buying reactions are encountered in the mentioned range, it can be observed that the price initiates its rise from this region and first aims for $211.
In order for BNB to rise to the level of $211, it needs to be supported by hourly closes above $208. If BNB strengthens the level of $208 as support, the upward targets can be directed towards the range of $211 – $220.
If the price closes above $220 on a 4-hour basis, the desire to carry the upward trend of BNB towards the hourly resistance box at $225 can increase.
