Technical Analysis for BNBUSD for 16th March 2022
BNB Springs from 2022 Lows, Prices May Rise to $400
Past Performance of BNB
BNB prices found a floor at around the 78.6 percent Fibonacci retracement level of the H2 2021 trade range. Moving in lock-step with the market, BNB prices appear to be stabilizing, rising from $350—which is around 2022 lows.
Binance Coin Technical Analysis
There is an established support level at $350 forming following deep losses from Q4 2021. Although bears are still in a commanding position, the rejection of lower lows at spot rates is a net positive for BNB holders. The bullish engulfing pattern of March 15 suggests strength, possibly offering entries for aggressive BNB traders. A confirmation of yesterday's gains may see BNB prices float to $400, breaking above the descending triangle. On the reverse side, deep, unexpected price dumps below $350 may see BNB slide to H2 2021 lows of $325 in a bear continuation pattern.
What to Expect of BNB
BNB prices are dangling at a critical support line. The medium-term would be determined once there is confirmation above $400 and the bull flag.
Resistance level to watch: $400
Support level to watch: $350
Disclaimer: Opinions expressed are not investment advice. Do your research.
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