|

Binance Coin Price Prediction: BNB looks strong but faces steep resistance ahead

  • BNB is currently trading at $28.27, inside a daily tightening range. 
  • Bulls are eying up a possible breakout, however, BNB is still facing a crucial resistance level.

The past two months have been pretty wild for BNB, exploding from a low of $18 on September 5 to $33, only one week later. Another week later, the digital asset had a notable pullback to $22.1, but recovered again.

This range will determine the next direction of BNB

On the daily chart, the price has established a high at $29.26 and a low at $27.3 and BNB has been trading inside this range for over a week. 

BNB/USD daily chart

bnb price

The MACD turned bearish, but will most likely turn bullish again as BNB is already bouncing back up. A breakout of $29.26 could take BNB up to the last high at $33 to re-test it. 

BNB Holders Distribution Chart

bnb price

Looking at the holders distribution chart for BNB, we can observe a downtrend that started in September but seems to be shifting in favor of the bulls. The number of whales holding between 10,000 coins and 100,000 coins increased from 39 on October 1 to 43 now, a notable growth that could indicate a change in the trend. 

BNB/USD 4-hour chart

bnb price

The 4-hour chart shows a symmetrical triangle pattern formed with BNB trading above the 100-SMA and the 50-SMA. The MACD also turned bullish a few hours ago indicating that the price could be on its way to re-test the upper boundary at $28.76.

A strong breakout above this resistance level would be great for the bulls which could eye up a potential target of $29.5 in the short-term and up to $33 in the longer-term. 

On the other hand, considering the price was already rejected several times from the upper trendline, another rejection would most likely take BNB down to the 50-SMA at $27.88.

A further breakout below $27.88 can push the digital asset towards the lower trendline, coinciding with the 100-SMA at $27.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.