Technical Analysis for BNBUSD for 28th April 2023
BNB is Up 23%, Buyers Fail to Break Above $350
Past Performance of BNB
BNB might have surged 23% from mid-March 2023, but prices are currently indefinite and generally lower. Prices are still inside the bear bar of April 26, with participation levels tapering even since prices peaked in March and April. Critical resistance and support lines lie at $350 and $315, respectively.
BNB Technical Analysis
The BNB uptrend remains. However, consolidating prices in the last few days is a concern, slowing down the upside momentum. As it is, BNB bulls must first clear above April 26 highs at around $345 for reassurance. A follow-through above $350 with expanding volumes may be the base for another leg up to $360. Even so, from a top-down preview, $315 is an important support level. If bears of April 26 flow back, forcing the coin below $315, BNB could crash to $300 and later $275; an opportunity for sellers to ride the trend.
What to Expect from BNB
BNB remains in consolidation when writing but in a bullish formation. Even so, there must be gains above $350 for uptrend confirmation. Any other trend forcing prices lower may see BNB drop to March 2023 lows in a retest.
Resistance level to watch: $350
Support level to watch: $315
Disclaimer: Opinions expressed are not investment advice. Do your research.
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