From the chart above, we can observe that Binance Coin is trading above the 200-day moving average. After being in the bear market for months, BNB finally crossed over the 200-day moving average and traded above the line indicating the market has finished its bearish moments. However, if we zoom it out, it has been trading rangebound between its resistance and support.
Irrespective of this sideways movement in the price of BNB, we can deduce the following:
The price of BNB is expected to reverse at the $231.2 support1 level, due to the liquidity grab from the previous order block. If investors have their way, the price of BNB could surge higher above the resistance1 level.
The reversal at the resistance1 level could lead to a further decrease in the price of BNB up to the support1 level at $231.2 until a double bottom is formed. This could lead to a bullish reversal.
Meanwhile, our long-term BNB price prediction for 2023 is bullish since it might break many psychological resistances. We can expect Binance Coin to reach $700 this year.
Irrespective of this sideways movement in the price of BNB, we can deduce the following:
The price of BNB is expected to reverse at the $231.2 support1 level, due to the liquidity grab from the previous order block. If investors have their way, the price of BNB could surge higher above the resistance1 level.
The reversal at the resistance1 level could lead to a further decrease in the price of BNB up to the support1 level at $231.2 until a double bottom is formed. This could lead to a bullish reversal.
Meanwhile, our long-term BNB price prediction for 2023 is bullish since it might break many psychological resistances. We can expect Binance Coin to reach $700 this year.