Technical Analysis for BNBUSD for 16th May 2022
BNB in a $50 Range, Prices Remain in a Bear Breakout Formation
Past Performance of BNB
The BNB price is posting higher highs but is within a bearish breakout formation. The immediate resistance line is $320—marking May 11 highs. How BNB reacts at this level may define the short to the medium-term formation, even propping bulls after last week's dumps.
BNB Technical Analysis
From the daily chart, BNBUSDT prices are consolidating above $220 and $270—the immediate support level. In the $50 trade zone, aggressive BNB sellers may unload on every pullback below $320 from an effort versus results perspective since price action is within the May 11 bear bar.
On the flip side, a solid close above $320 may be the foundation for a refreshing leg up to $360 in a possible retest. Based on the formation in the daily chart, risk-averse traders may wait for clear price definitions.
Losses below $270 may lead to more price dumps towards $220, continuing the primary trend set in motion on May 9.
What to Expect from BNB
Prices are within a $50 range, with support and resistance at $270 and $320. Losses below $270 would make the recent pullback a dead cat bounce, fanning more losses, possibly below H2 2021 lows.
Resistance level to watch: $320
Support level to watch: $270
Disclaimer: Opinions expressed are not investment advice. Do your research.
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