9 minutes ago | Michael Fasogbon
Key Highlight:
- BNB is bullish on a short-term perspective.
- While BNB is supported by $12, it may encounter resistance at $21 if $15 breaks.
- A bearish trend may resume if the market falls below $14.
| ⠀Binance Coin price: | $14.90 |
|---|---|
| ⠀Key BNB resistance levels: | $16.20, $18.70, $21 |
| ⠀Key BNB support levels: | $14.10, $13, $12 |
*Price at the time of writing
BNB Long Term Price Prediction: Bearish
After recording an outstanding growth in 2019, Binance Coin was statistically the best-performing cryptocurrency, outperforming even Bitcoin and Ethereum. This year, we may experience the same if the BNB market can follow a strong bullish sentiment. BNB, the 9th cryptocurrency on the market cap spot is still trapped in a falling channel.
How to buy Binance Coin (BNB) on Binance
Although BNB bounced from the channel’s support ($12) last month, but the momentum has remained low. However, the slow bullish move targets $16.2, $18.7 and $21 to reach the channel’s resistance. As shown on the daily indicators, the RSI and MACD are climbing back at the moment.
For days, the market is struggling to stay above the $15 – the key level that was breached in pre-December. If this price level remains critical for the buyers to surpass, Binance’s price could drop to $14.1 and $13 support before rebounding. However, it may roll back to $12 if these aforementioned supports fail to hold.
BNB Medium Term Price Prediction: Bullish
Following the latest green market, BNB is now following a bullish momentum on the medium-term. As we can see, the past 21 days of higher highs and higher lows is formed in a channel pattern.
Again, the BNB market has faced a small rejection at $15, dropping the price slightly to $14.8 at the moment. If $15 continues to reject buying pressure, the price may drop into the channel’s support. Furthermore, a drive below this channel may bring us to $13.2 and $12.5 support.
BNB is currently supported by the RSI 50 level; at the same sitting on the MACD zero level. If these technical indicator levels bolster, we should expect buying to the channel’s resistance. A surge above this channel would give buyers an advantage to initiate more setups.
BNB Short Term Price Prediction: Bullish
Starting the month with bullish, Binance coin saw a substantial increase to $15 before the price correct downward on December 8. After finding support at $14.2 yesterday, BNB price rebounded with almost $1 gains but lost momentum at $15. The current rejection could slip price to the red horizontal support area of $14.6 before a possible bounce.
Additionally, a bearish move is likely if the price falls back to $14.1 support. Meanwhile, the BNB trading is now spotted in a wedge formation. We can see that the hourly RSI and MACD are currently aiming downward. However, if the market finds near support, the BNB market may continue buying towards $15.4 and $15.8. But now, it appeared sellers are around the corner.
Conclusion
As long as BNB continues to face resistance at $15, the market would remain under the bear radar. Even if a break occurs, buyers need to surpass $21-$23 resistance zones, before we can confirm a long-term rally. Nevertheless, we can expect a positive move if support holds at $12.
Previous BNB price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Binance Coin:
