Medium-Term BNB Analysis
The BNB price has shown a promising 4% return after initiating an upward movement from the level of $235.3. This movement has been significant in signaling potential positive momentum. Sustaining daily closes above $235.3 holds the potential for the upward trend to continue.
As long as the BNB price maintains its position above the $235 level, the initial target is set at $255. Achieving consistent daily closes above $255 would then establish the next upward target at $276.
If Binance Coin successfully maintains daily closes above the critical resistance level of $276, as highlighted in the analysis, it could pave the way for a potential rise towards the coveted $300 mark. However, it’s essential to remember that overcoming and consistently closing above the mentioned resistance levels on a daily basis is crucial for BNB to reach and surpass $300.
Short-Term BNB Price Analysis
In the short term, the recent movement of Binance Coin (BNB) indicates an upward trajectory from the support range, with current trading around $245. As long as the BNB price sustains 4-hour candlestick closes above $240, the momentum for an upward push towards the initial resistance level of $255 remains intact.
Should the BNB price manage to achieve 4-hour candlestick closes exceeding $258, the subsequent target for upward movement would be at $266. It’s important to note that overcoming and conclusively closing above these resistance levels is pivotal for the realization of this upward potential.
On the other hand, if the BNB price registers 4-hour candlestick closes below $240, the possibility of a continued downward trend towards the support range of $235 to $232 cannot be dismissed. Maintaining levels above $231, however, would be instrumental in preserving the overall upward trend.
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