Greetings, esteemed traders!
I want to remind you about our latest trading idea that I shared on 16/05/2023. In that idea, I warned about the upcoming decline in the price of BNB and highlighted a crucial support zone ranging from $220 to $230. If you haven’t had a chance to review the previous analysis, I strongly advise starting from the first part to fully grasp the context of this latest update.
BNB: “Investor Alert: BNB Price Forecast – Growth or Decline?” Part2.
Let’s dive into the review!
Currently, the price of the coin has reached a global support zone within the range of $210 to $230. The chart clearly shows that this zone has played a significant role over the past two years, successfully holding the price on multiple occasions.
Analyzing the past price movements of BNB reveals the following:
1. In February 2021, when the price reached this support zone, it rebounded upwards and continued its ascent, reaching a peak of $675.
2. The same pattern occurred in June 2022 when the support zone once again demonstrated its strength, aiding the price’s rise from $212 to $340 (a 63% increase).
3. It is important to note that this zone also provided protection during the legal proceedings involving Binance and SEC.
Now, let’s turn our attention to the future prospects!
At present, the primary scenario suggests a price rebound from the support zone and subsequent upward movement towards the nearest resistance level around $341. Only after breaking through this resistance line can we consider the possibility of a trend reversal and the beginning of a bullish trend.
However, it’s worth mentioning an alternative scenario, which entails a breach of the support zone followed by a downward price movement. In such a case, it is crucial to be prepared for potential changes and take appropriate measures.
Stay tuned for the latest news and updates that may impact the BNB market, and remember that trading always involves risks. Conduct your own analysis and consult financial experts before making any investment decisions.
Wishing you successful trades and lucrative financial outcomes! 🚀📈💰
