- BNB price prediction unveils the range-bound market of the BNB coin
- BNB crypto price depreciated 26.64% in the last 3 months
- The price is consolidating near the important support zone of $225
BNB price prediction unveils the range-bound market of the BNB coin after a series of aggressive selling since February 2023. The BNB price went up 53% at the start of the year 2023. After multiple failed attempts to break the resistance of $338.4, the momentum shifted towards selling, leading to a decline of 35%. Since then, the BNB Coin has been consolidating in a range.
At the time of writing, the current market price of BNB tokens is $243.9. The 24-hour trading volume plunged by 24.90. The market is up 00.33% in the last 24 hours. The overall market cap of BNB is $37,534,431,268.
Can BNB Break the Immediate Resistance?
BNB price prediction highlights the strong downtrend that has taken a toll on the BNB coin’s value. The BNB price is trading below the 200 EMA, which highlights the bearish selling pressure. The cryptocurrency has been trapped in a range between $258 and $229 since June 2023.
The 9 and 15 EMAs have turned flat, revealing sideways market conditions. The BNB price is at an important support level, and the bulls must defend it to avoid a major sell-off. The price action can establish a direction only if the price escapes the range. Therefore, it is difficult to predict the short-term direction of the market.
The Short term Chart Highlights The Recent Pump
The 4-hour chart shows how the BNB price bounces between support and resistance. Even though the sideways market is troubling long-term investors, swing traders and short-term investors are taking full advantage of this situation. It becomes easy to predict the direction of the market by observing the way prices react to support and resistance levels.
However, consolidation in a bear trend could lead to further downfall. This market structure can be interpreted as a bear flag, which is a bearish continuation pattern. At present, the price action shows that the price has lost momentum, and the volume hints at the lack of participation from investors.
RSI
The RSI indicator is currently at 50.78 It represents bullish to sideways conditions where the direction of the market is unclear. Aggressive buying may happen only if RSI goes above 70
MACD
MACD made a bullish crossover below the 0 line. This indicates that the market may move to the upside in the short term. The price can rise until the MACD makes a bearish crossover.
200 EMA
On the 4-hour chart, the price is below the 200 EMA. This means that the market is bearish with the control of the sellers. The 200 EMA acts as a dynamic resistance and the price may drop until it crosses above the 200 EMA.
Conclusion
The price prediction unveils the range-bound market of the BNB coin after a series of aggressive selling since February 2023. The Sideways consolidation is just to build pressure for the upcoming volatility. The investors are closely watching the support and resistance levels for a break. The volatility can be just around the corner, and it would be wise to set alerts at the key levels and wait for the price to escape the range.
Technical Levels
- Support level: The nearest support level is at $229.2
- Resistance level: The nearest resistance level is at $258.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.