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Binance coin analysis – the price holds the main support and goes to the level of 415 $

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Binance coin is in the correction structure and is still valid reverses far. Nevertheless, it maintains the level main support at $ 335. At the time of writing, it is already trading at $ 392 and the price continues in a short-term upward trend. Where is the nearest target and what resistance does the price have to overcome?

The first target is the local point of control level of $ 415. It is quite possible that the price will create a local maximum here. Subsequently, if this happens, we will monitor the position of the next local minimum, which, if we want to think about reversal, must be higher than the previous one at the mentioned level. support $ 335.

Binance coin above the main supportSource: TradingView

Binance coin holds the main support

If the price managed to overcome the resistance at the level of $ 415, we would still not confirm reversal of the long-term correction structure. For that, the price would have to exceed the last long-term maximum. However, this is only up to the value $ 505. However, it seems that we will wait until the price reaches this area.

In the long run, the Binance coin is also bullish, although the real trend may break out in a few months. It will mainly depend on when the BTC correction is completed. If BTC has found the bottom, BNB likely to maintain the said support. If BTC continues to pull market capitalization down, support will not last.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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