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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.

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