Technical Analysis for BNBUSD for 16th June 2022
Binance Coin Bounces from Critical Support, BNB Gains 8%
Past Performance of BNB
The market-wide sell-off didn't spare Binance Coin. Currently, the token is down 50 percent from April 2022 highs alone but encouragingly soaking in selling pressure. Notably, prices are steady in the last trading day, adding eight percent, recovering from below the lower BB.
Binance Coin Technical Analysis
The immediate reaction levels for BNB are around $250 to the upper side and $200 as the primary support. With bears in charge and sentiment foul, sellers are still in control. Still, there were hints of undervaluation following the close of June 15 pin bar below the lower BB. The snap higher in today’s earlier session points to a correction. Nonetheless, as long as prices are below $250, traders may sell with targets at $200 in the short term. On the flip side, gains above $250 may relieve bulls. However, whether traders can buy the breakout depends on trading volumes of the break out bar and if the candlestick is wide-ranging. If it meets both criteria, traders can load, targeting $320.
What to Expect from BNB
Sellers are in control despite bulls soaking in selling pressure. Provided BNB prices are below $250, every high can provide entries for aggressive sellers targeting $200 or lower in the short term.
Resistance level to watch: $250
Support level to watch: $200
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