BNB technical outlook
From a technical perspective, BNB appears to be attempting to establish a base above its recent one-year and two-month low following the broader cryptocurrency market correction.
BNB bullish scenario:
Last week BNB once again found support in the $580.60-to-$570.65 region. It is where several daily lows were made between February and June.
The move higher from last week’s $570.61 low is encouraging for the bulls with the 8 June high at $609.80 and the late April low at $610.55 being targeted. If overcome, the mid-June peak at $631.90 would be expected to be reached next. Were it to be exceeded, the way would clear for the March-to-mid-May highs at $686.99-to-$689.99 to be reached. Further up meanders the 200-day simple moving average (SMA) at $704.14 which represents another possible upside target.
BNB bearish scenario:
While BNB trades below its 15 June high at $631.90, the risk of the current rally running out of steam below this level, remains in play.
A fall through the 19 June low at $570.61 may re-engage the current June low at $556.58. Failure there may lead to the November 2024 low at $543.60 being reached.
Short-term outlook: bullish while above the 19 June low at $570.61
Medium-term outlook: neutral while above the 5 June low at $556.58 but below the 15 June high at $631.90