Technical Analysis for BNBUSD for 16th August 2022
Binance Coin Recoils after a 70% Rally, BNB Finds Support at $340
Past Performance of BNB
BNB is undoubtedly one of the top performers in the recent past. It is currently up 70 percent from 2022 pits despite losses in recent days. The primary trend is upwards, and resistance is around $340. This level coincides with May 2022 highs, a critical liquidation zone that buyers must overcome for a clear-cut trend definition.
Binance Coin Technical Analysis
After solid gains from mid-June 2022 following sharp losses in H1 2022, BNB rebounded solidly. At spot rates, the coin's prices have nearly doubled. All the same, there are lower lows versus the upper BB, suggesting weakness and tapering momentum. The immediate support is the middle BB, the 20-day moving average, and later $300, the psychological round number. Therefore, provided these reaction levels hold, aggressive traders can ramp up in expectation of trend continuation. Meanwhile, playing your trades close to the chest means waiting for a break above $340 and May 2022 highs. In that case, BNB bulls may ride the resulting trend, ideally if the breakout bar has high trading volumes, targeting $360 and $450.
What to Expect from BNB
Bulls are confident, but cracks are beginning to emerge, questioning the strength of the uptrend. The first resistance level is $340 and must be broken if buyers need to sustain and continue with the current leg up.
Resistance level to watch: $340
Support level to watch: $300
Disclaimer: Opinions expressed are not investment advice. Do your research.
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