BNB is attracting growing interest, hinting at imminent expansion. Let's take a look at the future prospects for BNB.
BNB price situation
After reaching an all-time high just below $725, BNB suffered a decline that brought its price back to around $403. Since then, the crypto has been going through a consolidation phase in the form of an ascending triangle, remaining above the annual VWAP. Buying interest in BNB appears solid, with increasingly higher lows. However, resistance at $605 remains difficult to breach, raising questions about continued buying interest. It is also notable that BNB is currently above its monthly pivot point, POC, and monthly VWAP. These elements suggest continued potential for the rise of BNB.
At the time of writing, the BNB price is trading around $602, very close to its resistance. As this has not yet been crossed, it is difficult to assert that the medium-term trend is upward. However, the 50-day and 200-day moving averages, which lie below its price and have recently formed a golden cross, suggest otherwise. Crypto therefore seems to be in a phase of uncertainty. As for the bullish momentum of BNB, it remains slightly supported, as evidenced by oscillators and the price of the crypto itself.
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.
BNB price forecasts
- If the BNB price remains above $565, a break of $605 could be anticipated, with a next target located around $635. Higher up, the crypto's ATH stands at $724, reaching which would represent an increase of more than 20%.
- If the price of BNB fails to stay above $565, a decline towards $535 could be considered. If the decline continues, the next key support would be around $470, representing a decline of around 21%.
Conclusion
BNB is showing signs of recovery with visible buyer support, but its uptrend remains uncertain in the face of persistent resistance. Although some indicators are encouraging, the current situation calls for caution while awaiting clearer signals. Thus, all that remains is to carefully observe the price reaction at the different key levels in order to validate or adjust current forecasts. Finally, remember that these analyzes are based solely on technical criteria, and that the price of cryptocurrencies can evolve quickly depending on other more fundamental factors.
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