Binance Coin (BNB) Bulls Defends Key Zone, Will The Give Up?
October 02 2022 - 2:36PM
NEWSBTC
BNB price creates mixed feelings on the high timeframe as price
forms a descending triangle on the daily chart while an ascending
triangle forms on the weekly chart. BNB looks more stable as
the price aims to flip the $340 resistance to set up a bullish
sentiment. The price action of the Binance Coin (BNB)
continues to look strong despite the price forming a bilateral
chart pattern on the daily and weekly timeframe. Surprisingly
Bitcoin (BTC) movement in a range has had little effect on the
price of Binance Coin (BNB), with BNB creating more hope of a
better price moment in October. (Data from Binance) Related
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20% By October 31 Binance Coin (BNB) Price Analysis On The Weekly
Chart Despite showing a great price movement in recent weeks as the
price rallied to a high of $337 before facing rejection, the price
of BNB has handled the rejection pretty well as price bounced from
a weekly low of $270 to a region of $283 as price holds up the key
region. The price of BNB retraced to a region of $270 after a
rejection that affected the price from trending higher, coupled
with the news from Consumer Price Index (CPI) and Federal Open
Market Committee (FOMC) having a negative impact. BNB price so far
has handled the reactions very well over the weeks, with the price
looking more decent in price action. BNB’s price needs to
break and hold above $350 for the price to rally to a higher region
with more bullish sentiments. Weekly resistance for the price of
BNB – $337. Weekly support for the price of BNB – $270. Price
Analysis Of BNB On The Daily (1D) Chart In the daily timeframe, the
price of BNB continues to trade below key resistance as the price
attempts to break above higher heights, with the price being
rejected on several attempts. BNB bulls have had a hard fight
trying to defend falling off the $270 region as this price holds
the key to a rally in an attempt to break the resistance holding
off the price from going higher. BNB’s price continues to increase
as it forms an ascending triangle with a breakout that could signal
a relief rally. The price of BNB trades at $280 above the 50
Exponential Moving Average (EMA). The prices of $282 correspond to
the price at 50 EMA for BNB on the daily timeframe. A break
and close above $350 could see the price of BNB assume some bullish
sentiment in October as many traders and investors anticipate a
green October, which could spell a rally to a region of $400 or
higher. Daily resistance for the BNB price – $300-$340. Daily
support for the BNB price – $270. Related Reading: Shiba Inu
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