Technical Analysis for BNBUSD for 5th December 2022
BNB in an Uptrend, Strong Sell Wall at $340
Past Performance of BNB
Overall, BNB prices are in an uptrend, though in a broader consolidation. From the daily chart, traders can look for opportunities to double down, expecting gains in the short term. Trading volumes have been low, impacting momentum and, thus, the rapidity of upsides. On the positive side, buyers stand a chance if BNB holds above $250.
BNB Technical Analysis
BNB prices are within a $90 trade zone with caps at $340 and $250 on the lower end. As it is, buyers have support, anchoring the present leg up from around the 50 percent Fibonacci retracement line of the Q3 2022 trade range. A break above $340 may see BNB explode. However, the decisive rejection of the uptrend in early November 2022 impacts trading sentiment. Technically, sellers can turn the tide if BNB slips below $250, confirming November 8 and 9 bears from a volume analysis perspective. Notice that gains in the second half of November have been with relatively low trading volumes versus early November, questioning the strength of the uptrend. If the center fails to hold, BNB may drop to $220.
What to Expect from BNB
Traders are confident, but the general sentiment is doubtful of the downtrend. If BNB is to recover, the coin must break above $340 in a move that may lift the coin to $400 and later $460.
Resistance level to watch: $340
Support level to watch: $250
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.