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HomeTechnical AnalysisBNB Price Technical Analysis - BNB Coin Support Resistance June 2023

BNB Price Technical Analysis – BNB Coin Support Resistance June 2023

As on June 3, 2023 Binance Coin BNB is priced at $307. From a technical analysis perspective, BNB coin is presently experiencing a downtrend on the daily timeframe. The price resides below the 50 Day and 20 Day moving averages MA, indicating a bearish sentiment.

To comprehend the existing levels of support and resistance for BNB, we must examine the historical price data. Analyzing Binance coin BNB daily chart reveals a trading range of $302 to $316 over the recent days.

BNB coin crucial support level lies at $302, significantly impacting the cryptocurrency. A dip below this level could potentially lead to further price decline, with the subsequent support level positioned at $286.

Conversely, Binance coin BNB current resistance level resides at $317. A successful breakthrough beyond this level may initiate a bullish trend, with the subsequent resistance level set at $338.

BNBUSDT 2023 06 03 19 55 28 BNB Price technical analysis Binance coin support resistance june 2023

Utilizing technical analysis indicators such as the Relative Strength Index (RSI) and Moving Averages can enhance our comprehension of the prevailing trend.

The RSI currently demonstrates a reading of 44, indicating a neutral zone where neither the bulls nor the bears hold significant dominance.

Regarding Fibonacci levels, BNB coin presently stands at 0.382, equivalent to $301. This level is computed by calculating 0.382 multiplied by the difference between the previous trend’s highest and lowest points. It holds significance as a potential support or resistance level within a trend.

Binance Coin BNB is consolidating within range of $302 to $316 featuring resistance zone positioned AT 0.286 $319 Fibonacci level and support zone located AT 0.382 $302 Fibonacci level. Trend line support also present at $302 as you can see on chart which indicate expected bounce.

Based on Fibonacci extensions and previous resistance levels, the upcoming targets for BNB are $317 and $338.

However, failure to sustain above $302 might prompt further selling pressure, potentially driving BNB towards key support levels at $286 and $267.

Utkarsh - CoinFTA
Utkarsh - CoinFTA
Meet Utkarsh, your trusted crypto analyst with over 6 years of experience in the dynamic world of cryptocurrency. Since entering the crypto space in 2017, Utkarsh has honed his technical analysis skills and become a seasoned expert in fundamental and technical analysis. With a passion for uncovering market trends and identifying lucrative investment opportunities, Utkarsh delivers insightful analysis to empower traders and investors. From evaluating crypto projects to exploring the possibilities of the DeFi, Metaverse, NFTs, Web3, AI and blockchain gaming, Utkarsh covers the full spectrum of the crypto ecosystem. Join COINFTA and let Utkarsh guide you through the exciting world of crypto with expertise and precision.
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