Technical Analysis for BNBUSD for 6th October 2022
Binance Coin Bulls Priming for a Leg Up, will BNB Clear $300?
Past Performance of BNB
BNB is solid at spot rates, printing positive higher highs as per the formation in the daily chart. As it is, buyers have the upper hand and have been soaking in the deluge of selling pressure. Even though the October 5 bar closed as bearish, it had a long lower wick pointing to strength during the NY session.
Binance Coin Technical Analysis
BNB is bullish, adding roughly 14 percent from September 2022 lows. Most importantly, buyers are on the cusp of breaking above $300. A notable observation is that BNB bull bars are riding the upper BB, pointing to sustained upside momentum. Therefore, risk-off traders may search to accumulate on dips, targeting August 2022 highs at $330. Meanwhile, risk-on traders can wait for a conclusive breakout formation above $300, or September 2022 highs, before loading. Ideally, the break above, should buyers follow through, ought to be with increasing volumes. In that case, the leg up towards $330 may be sustained by high BNB demand.
What to Expect from BNB
The BNBUSDT candlestick arrangement points to buyers. Even so, there must be a convincing break above $300 to confirm the reversal from around the 50 percent Fibonacci retracement level of the June to August 2022 trade range. If buyers have the upper hand, the coin may recover. It will be a welcomed relief following ten tough months of sharp lower lows.
Resistance level to watch: $300
Support level to watch: $280
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