Cryptocurrencies Price Prediction: BNB, Sandbox & Bitcoin — Asian Wrap 21 January
|BNB Price Forecast: BNB loses strength as crypto market drops
BNB (formerly Binance Coin) loses ground as the broader cryptocurrency market falls, recording a 1% drop at the time of writing on Wednesday. Retail interest in the exchange token is declining, as evidenced by the massive wipeout of long positions and a decline in futures Open Interest. The technical outlook for BNB suggests further downside risk, as momentum indicators flash a sell signal.
The Sandbox Price Forecast: SAND extends gains, as whale accumulation accelerates
The Sandbox (SAND) price rose more than 7%, trading above $0.147 on Wednesday after finding support at the key level the previous day. The bullish price action is further supported by whale accumulation and rising Open Interest (OI). On the technical side, bulls are aiming for a further rally, targeting levels above $0.160.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP extend correction as bearish pressure persists
Bitcoin price closed below the 61.8% Fibonacci retracement level (drawn from the April low of $74,508 to October’s all-time high of $126,199) at $94,253 on Sunday. BTC declined 5.79% over the next two days, closing below key support levels: the 50-day Exponential Moving Average (EMA) at $92,118 and the previously broken upper consolidation boundary at $90,000. As of Wednesday, BTC is rebounding slightly after retesting the midpoint of the horizontal parallel channel at $87,787.
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