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Technical Analysis for BNBUSD for 11th October 2021

Binance Coin Flatlines, drops 2%, will BNB Bulls Break above $460?

The DeFi and NFT ecosystem in the Binance Smart Chain (BSC) continues to grow. Following the Binance NFT marketplace launch, there are over 400 creators and more than $25 million in sales. Meanwhile, the BSC DeFi ecosystem now manages over $40 billion of assets in the last six months.

Past Performance of BNB

BNB is roughly 35 percent from all-time highs, tracking higher in the last ten days but still below September highs, CryptoAltum data shows. 

On the last trading day, BNB is steady, dropping two percent versus the greenback.

What to Expect of BNB

The broader crypto community is bullish, and BNB traders are no exception.

Even so, there must be a sharp close above $460 and last week's highs for a buy trend continuation. 

In that case, BNB prices may rally back to $500 and even $700. 

Conversely, losses below $400 and the middle BB may draw sellers of the last month who may subsequently force BNB lower towards $320 or worse in a bear trend continuation pattern.

Binance Coin (BNB) Technical Analysis

BNB traders are upbeat, expecting more price expansions in the days ahead. 

Despite their confidence, there must be a breakout above the current $50 range with caps at $460 and $410. At the moment, there are lower lows relative to the upper BB signaling weakness. 

A close below the immediate support line may see BNB slide to $320—or worse in the short term as bears of September flow back. 

On the other hand, rejecting lower prices would rejuvenate seemingly exhausted BNB bulls angling $500 in the medium term.

Resistance level to watch out: $460

Support level to watch out: $400

Disclaimer: Opinions expressed are not investment advice. Do your research.

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