Binance Coin (BNB) Needs to Surpass This Vital Level for the Start of an Upward Movement!

Binance Coin (BNB) Price Movement Overview

Binance Coin (BNB) is currently trading above the $214 level on its hourly chart, aiming for a target of $220.

Should the price close below $214, there is a possibility of a downward movement towards the support range positioned between $209.5 and $207.

If substantial buying activity is observed within the $209.5 – $207 support range, the potential upward target might extend to $225.

It is important to note that as long as BNB maintains its position above $214 on the hourly chart, the chances of a rise towards $220 remain. However, a closure below $214 could potentially lead to a decline reaching $207. Should strong buying support emerge from the $207 zone, the target price could reach $225.

Medium-Term BNB Analysis

Over the last two days, Binance Coin (BNB) has demonstrated a positive trajectory, supported by strong buying momentum starting from the critical support level at $208, which propelled the price to approximately $216.

If BNB manages to consistently close above the $208 level on a daily basis, the potential for further upward movement towards levels of $228 becomes evident. Breaking through and maintaining daily closes above $230 could pave the way for an extended target range spanning from $250 to $265. Conversely, a failure to sustain daily closes above $230 might result in a continuation of the downward trend, potentially revisiting the $208 support level.

In the event that BNB experiences a decline marked by daily closes below $208, a support range ranging from $186 to $176 could come into play. Should robust buying interest manifest within this support range, the price could once again ascend, potentially reaching the $265 level.

Short-Term BNB Analysis

Upon closer examination of Binance Coin’s (BNB) hourly technical chart, it becomes evident that the price is currently trading above the critical support zone situated at $214. This positioning suggests the potential for further upward movement towards the $220 level.

However, a scenario where BNB closes below $214 on an hourly basis could result in an extension of the downward trend, initially targeting $211 and potentially reaching the broader support range spanning from $209.5 to $207. As such, careful attention should be paid to candlestick closures both above and below the $214 level.

Should the $209.5 – $207 support range witness a surge in buying activity, it could propel BNB towards its next upward target at $225.

Leave a Reply

Your email address will not be published. Required fields are marked *