BNB Technical Analysis: Below $230 Will Be A Problem
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BNB cryptocurrency is one of the few tokens that is doing well in the current fall of the cryptocurrency market. Therefore, considering it for investment, in the long run, is definitely a good idea. The only thing that we don't like is the trading volumes. If you compare the trading volumes during the test mark of $230 in May 2021 and in May 2022, they are radically different. The main question is whether buyers have enough strength.
Thus, by investing in BNB above the $230 range, you should be prepared to lose your investment in the event of a global consolidation breakdown. So far, this is an alternative scenario. However, given the BTC sellers' pressure on the price, you should be prepared for a sharp BNB fall to $120. But, in the case of fixing the BNB price below $230, you should either open a short position or substitute your limit orders.
BNB Technical Analysis On The Daily Timeframe
In order for the BNB cryptocurrency alternative scenario to remain alternative, buyers need to keep the local range of $265. In the daily timeframe, we see that in this range, sellers, even with anomalous volumes, could not fix the price lower.
Therefore, in the event of a local increase in volumes in the range of $265 and a slowdown in the BNB price will be a good opportunity to buy cryptocurrency with low risks. In this case, the first target in the medium term is $ 388. This target is quite real and does not violate the global structure of buyers. The mark is below the trend line from November 2021. The local barrier for buyers, where it is necessary to fix part of the profit is in the mark of $335. From this point, sellers can start a new attempt to form a fall wave.
BNBBTC Price Movement
Analyzing the movement of BNBBTC price on the daily timeframe, the situation looks quite optimistic. After a strong wave of rising prices, BNB is in a global consolidation, the range of which has narrowed as much as possible. While the BNBBTC price is above 0.01 - buyers have the initiative in the market. Below this range sellers will seize the initiative and try to lower the BNBBTC price to 0.0076. It is in this liquidity zone that you can reinvest in the BNB in the event that buyers lose control of the 0.01 mark.