Published April 3, 2023
Binance Coin Price Prediction: Amid the recent allegation against leading crypto exchange Binance and its CEO Changpeng Zhao (CZ), the BNB price turned down from a combined resistance of a downsloping trendline and $338. Furthermore, this resistance trendline is part of a long-symmetrical triangle pattern that carries an ongoing sideways trendline. Thus, a bearish resistance from the pattern’s trendline has put the BNB price under a temporary correction.
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Source- Tradingview
A bearish reversal from the $338 resistance has recorded a 9% loss within the last three weeks and plunged the Binance coin price to its current price of $312. Moreover, the daily time frame chart shows the ongoing correction is led by a steeper resistance trendline assisting sellers in maintaining trend control.
Thus, until this overhead trendline is intact the current correction phase will prolong for a few more trading sessions.
Also Read: Best Crypto Exchanges For Recurring Purchases In 2023
However, the decreasing volume and daily candle with lower price rejections indicate weakness in bearish momentum. Thus, this ongoing downfall may offer a pullback opportunity to traders before the uptrend resumes.
A bullish breakout from the resistance trendline will be the key signal for the end of the ongoing correction. The potential rally may surge the price 7.5% higher to rechallenge the long coming resistance trendline.
Relative strength index: the daily-RSI slope nosedived below the midline the negative sentiment in the market is rising.
EMAs: the BNB price breakdown from the 20-day EMA slope gives an additional edge to short-sellers. However, the other daily EMAs wavering just below the current price and $300 creates multiple support for buyers
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Binance Coin Price Prediction: Volume Action Hints BNB Price is Under Temporary Correction; Buy Again? – CoinGape
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About the author
Manoj Nair
Manoj has an MBA in Information Systems and has worked in the tech industry for over a decade. He specializes in enterprise technology, focusing on innovations like blockchain, cloud computing, and data analytics that are changing the business landscape.
