With the crypto winter affecting the state of the market, the Binance coin is still trying to keep the upward trajectory moving. Over the past 24 hours, the price movement of the Binance Coin has been showing signs of a slowdown in its bullish match. The number of buyers buying the crypto asset is reducing as the Binance Coin approaches the critical resistance level. At present, crypto asset holders should expect the price to retrace toward the nearest support level before resuming its bullish momentum.
BNB Technical Analysis
The price of BNB has risen 0.84% during the past 24 hours to $276.54, which is the polar opposite of its pattern over the previous seven days, during which it has dropped 1.0%, rising from $269.7 to its present price. Currently, the coin’s all-time high price is $686.31.
Source: Trading View
Technical indicators of BNB are generally bullish, with an increased trading volume. The RSI is at 43.64 and is rising, pointing to a possible further rise in prices in the near future. The 50-day EMA is also rising, indicating that the current trend is up. The MACD histogram is in the positive zone, indicating a strong bullish sentiment. The MACD line is currently under the signal line posing a further bullish momentum.
In the last few days, the bulls continually failed to raise and maintain the price of BNB (BNB) above the $288 20-day EMA. The bears seized this chance and are attempting to drive the price lower.
If BNB’s price falls below the daily 20 and 50 EMA lines during the course of the weekend, this bullish thesis will be proven false. In the event of a negative reversal, BNB’s price will test the $289 level of support. BNB’s price will fall below $275 if this support level fails to hold.
The BNB/USDT pair has minor support at $275, but if that level loses way, it might reach the crucial support of $250. It is anticipated that buyers will support this level and maintain the pair range-bound between $250 and $300 for a little longer. To stand out, the bulls will need to drive and sustain the price over $300. After that, the pair might try to climb to $338.
There might be a third wave for BNB as we end the year. The wave is dependent on the bulls if they will be able to surpass the $300 resistance level, and this will mark the start of a bull run. Buyers should buy the asset in this region to increase its volatility so it can skyrocket in December.
Overall, the technical analysis of BNB suggests that the current trend is up and that prices may continue to rise in the coming days.
What is Binance Coin (BNB)
BNB coin is a coin developed by the worlds leading crypto exchange Binance. Initially, BNB was using the ERC 20 standard on the Ethereum blockchain. Binance Token is based on the Binance chain. It was released in July 2017 as part of an initial coin offering (ICO) and had a strict cap of 200 million BNB tokens.
Its apps have grown to include countless ones across many different platforms. It offers the following services; you can use it to pay for online services, entertainment expenses, booking travel accommodations, and even financial obligations like applying for an ETHLend loan.
ICOs listed by Binance’s Launchpad service can be bought with Binance tokens. The Binance exchange lists new cryptocurrencies and serves as a convenient trading platform for several well-known and emerging virtual tokens.
Partnerships have linked with the BNB token, and this has helped in the currency’s adoption. It includes a relationship with Uplive, the top live video streaming service in Asia, which offers virtual gifts to Uplive’s 20 million users in exchange for BNB tokens.
The BNB token entitles you to discounts on Binance’s exchange platform services. Additionally, BNB grants customers access to sophisticated capabilities for usage on the decentralized exchange.
BNB Price Prediction for 2023
Crypto investors have had it tough during the current bear market, as most digital assets have posted double-digit percentage losses. However, BNB is one of the coins that have shown signs of strength in these challenging times.
Data from analysts show that this coming year the price of BNB is expected to exceed $670.43. By the end of the year, BNB might reach a minimum fee of $574.68. In addition, the BNB price can get a maximum level of $679.99.
Conclusion
In conclusion, BNB is one of the coins with a lot of potentials to skyrocket in the coming year, with an expected rise to $670. This indicates it’s an excellent investment for traders. With a predicted bull run soon, this is the right time for investors to stake in BNB.
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