Will Binance Coin (BNB) Rise to $228? August 23 BNB Analysis

  • Rises up to 217 dollars with closings above the 211 dollar resistance on the hourly chart of BNB.
  • The nearest support level is determined as 211 dollars.
  • Buying reactions from the gray support range of 209.7$ – 208$ are critical for the price to enter the rising trend again.

When the hourly technical chart of Binance Coin is examined, it can be seen that the price has risen up to 217 dollars by closing above the 211 dollar resistance on an hourly basis. The nearest support zone for the price is determined as 211 dollars.

Medium-Term BNB Price Analysis

Daily BNB/USD Price Chart
Daily BNB/USD Price Chart

When the daily technical chart of Binance Coin is examined, it can be seen that the price has made daily candlestick closings above the 207 dollar level. If the BNB price continues to close above 207 dollars, it may aim to carry the upward trend towards the daily resistance level of 228 dollars.

However, BNB must prove its strength by closing above 228 dollars on a daily basis. In this case, the next target can be observed as 240 dollars. However, if the closing cannot be achieved above 228 dollars, the price may show a downward trend again towards the 207 dollar level.

If the BNB price makes daily closings below 207 dollars, it may pull back to the daily and weekly support zone of 186$ – 176$ while continuing the downward trend. Receiving a strong buying reaction from this point is critical to restart the upward trend. If a reversal is achieved from the specified support range, the target of 265 dollars can be aimed as mentioned in the analysis.

Where Can BNB Start the Rise in the Short Term?

Hourly BNB/USD Price Chart
Hourly BNB/USD Price Chart

When the hourly technical chart of Binance Coin is examined, it can be observed that the price has risen up to 217 dollars by closing above the 211 dollar resistance on an hourly basis. The nearest support zone for BNB is at the 211 dollar level. If the BNB price makes hourly closings below 211 dollars, there is a possibility of continuing the downward trend towards the gray zone mentioned in the analysis.

If BNB encounters strong buying reactions from the gray support zone of 209.7$ – 208$, it may aim to restart the upward trend from this zone again. However, if BNB closes below 208 dollars on an hourly basis, it may increase the potential to extend the downward movement to 205 dollars.

If BNB reverses from the gray zone, the target for the rise can be observed as 220 dollars. Investors should consider the support and resistance levels mentioned in the analysis when forming their trading strategies.

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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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