Binance Coin to regain its former resistance around $337. Let’s take a look at the future prospects for BNB.
Status of Binance Coin (BNB)
The BNB price closed 2023 on a positive note, recording an impressive rise of over 40%. This movement confirms the bullish scenario mentioned in our analysis of December 13. Indeed, Binance Coin successively crossed the thresholds of $260-$270 and $300, before reaching the resistance of $337. Since then, the cryptocurrency has entered a consolidation phase, moving in a range commonly between $290 and $325.
BNB is trading around $310 today. It is positioned significantly above its 50 and 200 day moving averages, which recently formed a crossover and are trending upward. This phenomenon concretizes the idea that the medium and long-term trend of BNB is likely to move upward. Concerning the oscillators, they are above their median thresholds, indicating a current bullish dynamic on the price of this cryptocurrency.
The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.
Focus on BNB/USD derivatives
Interestingly, BNB’s two recent rises have coincided with an increase in its open interest, suggesting growing interest from buyers. Currently, it appears that this scenario is repeating itself. Indeed, at the start of the week, BNB not only bounced back to the symbolic level of $300, but also saw an increase in its open interest. This behavior reinforces the idea that the $300 price provides important support for BNB.
Assumptions for the Binance Coin (BNB) price
. If the price of BNB returns above $337, we could anticipate a bullish continuation up to the level of $380 or even $400. The next resistance to consider, if the bullish movement continues, would be the $500 threshold. At this stage, this would represent an increase close to +58%.
. If the price of BNB fails to return above $337, we could envisage a return to $290. The next support to take into account, if the bearish movement continues, would be around $260. At this stage, this would represent a drop close to -20%.
Conclusion
The BNB price has seen notable buying interest recently, contributing to a rise in its price. Can this positive momentum be attributed to factors such as its launch pad and Manta Coin? What is certain is that it will be crucial to carefully observe the price reaction at the different key levels to confirm or refute the current hypotheses. It is also important to remain vigilant against potential “fake outs” and “market squeezes” in each scenario. Finally, let us remember that these analyzes are based solely on technical criteria and that the price of cryptocurrencies can also evolve quickly depending on other more fundamental factors.
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