7 hours ago | Michael Fasogbon
Key Highlights:
- BNB dropped to 9th position on the market cap spot after BSV massive surge.
- The bullish momentum may end if $18.4 resistance holds.
| ⠀Binance Coin price: | $17.80 |
|---|---|
| ⠀Key BNB resistance levels: | $19, $21, $23 |
| ⠀Key BNB support levels: | $15, $14.10, $13 |
*Price at the time of writing
BNB Long Term Price Prediction: Bullish
Recovering from $12 in December 2019, Binance Coin saw a dramatic growth to $18.4 this week after reclaiming significant resistance of $15. The mild bullish circle is now approaching an important resistance at $21 – where the white trend line is forming since September 2019.
How to buy Binance Coin (BNB) on Binance
The question now is that will BNB make or break this resistance line? The next few days of trading would tell whether the steady gains would come to an end or not. However, there’s a close resistance at $19. If the market surpasses $21, we can expect further buying to $23 and above.
On the technical indicators, there’s more room to contain buying pressure. While the price of BNB is almost overbought on the RSI, the MACD recently signaled a bullish crossover. Keeping in mind of a potential decline, the market may look for support at $15 before rising back. Further support lies at $14.1 and $13. For now, buyers are still in play as more gains are likely.
BNB Medium Term Price Prediction: Bullish
This week has been quite interesting for the BNB traders, though the bullish rally may not have come as expected, yet the market has continued to show strength on the 4-hours time frame. Looking at the current market structure, BNB has encountered rejections at $18.4, now resistance.
We can also see that the price has dropped slightly to $17.5. If the BNB price continues to correct down, the next support here is $16.5 and may even drop into the $15.9 to touch the white trend line. From here, we can expect the market to bounce back $17 and $18.4 before the next major move.
Considering the current RSI and the MACD indicators, we can see that the BNB market is on the verge of dropping, suggesting an incoming bearish momentum. We should expect that to come into play any time from now. A further bullish regroup could shift price to $19. From all indications, sellers are more likely to gain control. More so, a break below the white line would lead to a heavy sell-off.
BNB Short Term Price Prediction: Bullish
The hourly chart for the BNB market reveals a neutral-bullish mode. Meanwhile, a bearish divergence is playing out on the technical indicators. The price and volume are in contrast. We can see that while the price is increasing, the volume is decreasing. BNB would correct downward soon.
After dropping from the white channel’s resistance, the market is now sitting on a grey diagonal resistance. BNB could bounce back to $18.4 resistance. However, if the grey line fails to provide support, the price could slip to the channel’s support. The token may slide to $16 and $15 if the channel breaks down. A channel breakup would give buyers more hedges over the sellers.
Conclusion
As long as the bulls remain in the market, BNB price would continue to increase by the day. But if they lose momentum, a healthy correction is expected to occur.
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:
