TA- Binance Coin (BNB) Loses $300 Key Support, Are Bears Taking Over?
27 Agosto 2022 - 8:11AM
NEWSBTC
Binance Coin (BNB) has shown significant strength in recent weeks
against Tether as it has maintained its bullish sentiment. Despite
the market retracement, Binance Coin (BNB) has shown great strength
but has lost its key support at $300.(Data from Binance) Related
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Will It Pull AXS Up? Binance Coin (BNB) Price Analysis On The
Weekly Chart According to the chart, the price of BNB saw its
weekly low at $220; the price of BNB quickly rebounded from that
region to a weekly low of $330 as the price is unable to show much
strength to trend higher after being rejected from $337 acting as
weekly resistance. The weekly candle for BNB closed with a bearish
sentiment, and the new week’s candle appears to be even more
bearish. The price action has remained weak; if the price of BNB on
the weekly chart maintains this structure, it could retest its
weekly support of $250. For the price of BNB to trend higher, it
must reclaim the bullish trendline that serves as support, and a
close above $300 would be favorable to bulls. Weekly resistance for
the price of BNB – $337. Weekly support for the price of BNB –
$250. Price Analysis Of BNB On The Daily (1D) Chart The price of
BNB has found itself holding above the trendline support,
preventing the price from falling; however, bears were able to
break the trendline support to a region of $283. BNB’s price has
been trading below the trendline, which is acting as a resistance
to the price of BNB. For the price of BNB to have a chance of
trending higher, it must reclaim the $300-$320 range. If the price
of BNB fails to reclaim $300-$320, the support at $250 would be a
good area for bulls to build strength and keep the price sell-off
from continuing. BNB is currently trading at $283, just below the
50 and 200 EMAs, which correspond to prices of $290 and $280,
respectively. On the daily chart, the Relative Strength Index (RSI)
for the price of BNB is above 40, indicating sell orders. Daily
(1D) resistance for BNB price – $290, $320. Daily (1D) support for
BNB price – $250. Price Analysis Of BNB On The Four-Hourly (4H)
Chart The price of BNB has remained strong after being rejected at
$290, acting as resistance. The BNB price is trading just below the
50 and 200 EMA levels, which correspond to $295 and act as
resistance to the BNB price. BNB is holding well above the $275
region, which is acting as support; if the price remains above its
current support, it will prevent the price from falling to the $250
region. Bulls would be relieved if the BNB price reclaimed the $300
level. Four-Hourly (4H) resistance for BNB price – $290.
Four-Hourly (4H) support for BNB price – $275-$250. Related
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Cap Loss In Last 2 Weeks Featured Image From Currency, Charts From
TradingView.com
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