Technical Analysis for BNBUSD for 25th October 2022
Binance Coin Broadly Bullish, BNB Adds 7% from September Lows
Past Performance of BNB
Binance Coin prices remain in range at spot rates. Still, they are comparatively higher and within a bullish formation despite losses in September. The coin is above seven percent from September 2022 lows, and prices are higher considering the formation in the daily chart. Presently, the coin is up four percent from last week's low, even though volumes are low.
Binance Coin Technical Analysis
BNB prices are within a bullish formation, finding support at around the 50 percent Fibonacci retracement level of the June to August trade range. This level flashes with the primary support defining September lows at around $260. Since BNB is higher and within the bull bar of October 23, aggressive traders may load the dips above $260, targeting $300 or September highs. If not, reversals from spot rates to below $260 invalidate this bullish preview, swinging price action in favor of mid-August 2022 bears.
What to Expect from BNB
BNB is in a $40 range and mainly bearish because of mid-Q3 losses in August. However, from a top-down preview, traders have a chance if $260 holds and bulls flow back to prop optimistic traders.
Resistance level to watch: $300
Support level to watch: $260
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.