Technical Analysis for BNBUSD for 6th July 2022
Binance Coin Bulls Upbeat, BNB Likely to Ease Past $242
Past Performance of BNB
Like the rest of the crypto scene, the BNB coin is relatively stable and bullish in the short term. Considering the formation in the daily chart, traders expect more upsides in the short term as long as prices trend higher, above crucial support levels registered last week. Currently, prices are above the middle BB, and bulls are actively absorbing bear pressure.
Binance Coin Technical Analysis
BNB volatility is low, and prices are stuck within tight trade ranges, evident in the daily chart. Prices edged higher on July 5 and bulls can double down in subsequent sessions as long as prices are above $212. If prices print higher above $242, risk-averse traders may begin loading up with immediate targets at $335. This formation will unwind losses of mid-June and set the foundation for a possible swing towards April 2022 highs of $455. Conversely, if BNB unexpectedly slips below $212, BNB will likely post more losses, sliding to 2022 lows of around $185.
What to Expect from BNB
Traders are bullish. Still, at spot rates, BNB has strong resistance at $242. A break above this level may propel the coin to key reaction levels in H1 2022, signaling the initial stages of price bottoming up after sharp downturns in the past few months.
Resistance level to watch: $242
Support level to watch: $212
Disclaimer: Opinions expressed are not investment advice. Do your research.
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