Technical Analysis for BNBUSD for 23rd September 2022
Binance Coin Recovers, BNB Prices May Rally to $300
Past Performance of BNB
Binance Coin is in green at spot rates, adding four percent against the greenback. BNB gains may be attributed to market-wide gains over the last 24 hours. Despite these welcomed recoveries, sellers have the upper hand. BNB prices may break above critical resistance levels for trend continuation. Currently, the primary support lies at around $260, while resistance is at $300.
Binance Coin Technical Analysis
BNB prices bounced from the 50 percent Fibonacci retracement level of the June to August trade range. The recovery mirrors September 7 bulls and reaffirms the significance of the $250 support—a multi-week accumulation line. While the September 22 bar is wide-ranging, volumes are comparatively low. Therefore, traders may wait for a follow-through above $280 and the middle BB. If buyers flow back, risk-off traders may look for long entries on dips above $250, targeting September highs at $300 and later $340. Conversely, a sell-off below $250 invalidates this bullish preview.
What to Expect from BNB
Overall, Binance Coin bulls are resilient. Losses of the past weeks were limited to around the 50 percent Fibonacci retracement level. If bulls build on yesterday's gains, BNB prices would likely expand to retest August highs in a buy trend continuation formation.
Resistance level to watch: $280
Support level to watch: $250
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