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Technical Analysis for BNBUSD for 31st August 2022

BNB Coin is under pressure, Buyers Find support at $275

Past Performance of Binance Coin

BNB, like other crypto assets, wasn't spared. The coin is down five percent in the past trading week but is stable on the last trading day. BNB remains in a bear breakout formation even though bulls are not overstretched compared to other coins.

Binance Coin Technical Analysis

The coin is down roughly 16 percent from August 2022 highs and is trading within a bear breakout pattern following losses on August 19 and 26. With prices below the 20-day moving average and the trend defined by the wide-ranging, high volume bar of late last week, the immediate trend is bearish from an effort versus results perspective. Aggressive traders can unload on every attempt higher towards $310, and the middle BB, targeting $275, last week's primary support. On the reverse side, there could be more opportunities below $275, permitting risk-on, conservative traders to sell with targets at $240, flashing with the 61.8 percent Fibonacci retracement level of the June to August 2022 trade range. An unexpected surge above $310 and the middle BB, backed with expanding trading volumes, may pump BNB to $340, nullifying the current bearish preview.

What to Expect from BNB

The Binance ecosystem is vibrant and designed to support BNB. However, bears have the upper hand if prices are trapped below $300. Only gains reversing losses of August 19 may inspire bulls, pumping the coin towards August 2022 highs.

Resistance level to watch: $310

Support level to watch: $275

Disclaimer: Opinions expressed are not investment advice. Do your research.

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