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Binance Price Prediction, BNB Battle at Make-or-Break Level

Key Takeaways
  • On the daily chart, BNB is currently hovering at a critical juncture, where its performance could determine its future direction
  • A long-wicked red candle suggests that the dominance of bears surpasses that of bulls in the market
  • The 50-day EMA is acting as a support level, indicating a potentially favorable uptrend in the near term
27-Oct-2023 By: Lokesh Gupta
Binance Price Predic

Binance has broken out of its two-month consolidation period

Based on a technical analysis chart, it appears that the bears currently hold more influence than the bulls. This observation comes in the context of a remarkable upturn in the broader cryptocurrency market, where major cryptocurrencies and top altcoins have made substantial gains. However, Binance Coin (BNB) has only seen a relatively modest 9% increase in its value. This phenomenon indicates a diminishing level of investor enthusiasm for this particular cryptocurrency.

Technical Views: 

According to CoinGabbar Price Analysis, Over the past two months, Binance Coin (BNB) has been stuck in a consolidation range between $202 and $222. Despite multiple attempts to break out, it remained range-bound. However, following a recent crypto market surge, BNB finally broke out of this range by surpassing the $221 resistance and continued to climb, breaching the critical $228 resistance and forming a new high near $238. But the rally was short lived and the price retested the $220 support, successfully bouncing back. This indicates a possible trend reversal and potential price momentum. The 50-day EMA is providing support, suggesting a positive uptrend in the near future.

KEY LEVELS :

RESISTANCE LEVEL : $230-$236

SUPPORT LEVEL : $221-$216

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.

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