BNB price nears $305: What does its prediction say?
Journalist
Posted:
- BNB confronted resistance on the one-week bearish order block at $300.
- A retracement towards $260 was doable, however it’s unclear if the pullback shall be that deep.
Binance Coin [BNB] broke out previous a major resistance zone on the twenty sixth of December. It surged from $266 to $303.2 inside a day, a 14.85% transfer. At press time, BNB costs had been pushed under the $300 mark.
AMBCrypto reported that the Binance Good Chain [BSC] skilled a rug pull on the identical day. The token focused was OmniCat [OMNI], however its ramifications might lengthen past the challenge.
BNB maintains a powerful bullish outlook
Supply: BNB/USDT on TradingView
Regardless of the information of the rug pull, BNB confirmed robust bullish conviction from market members. Its market construction on the one-day chart was firmly bullish. Furthermore, the $266-$276 resistance zone was additionally breached.
This space has had significance since August 2022, marking it as an HTF resistance. The rejection from $305 on the sixteenth of December was additionally from a major resistance zone. The $300 degree can be a psychological round-number resistance.
The $300-$315 zone was a agency resistance zone within the one-week timeframe. Above it, the $350-$355 can be extraordinarily robust as a provide zone. The $320-$350 space has additionally been hotly contested previously.
At press time, the RSI was at 73.4 to replicate agency upward momentum. The OBV has trended larger in December to spotlight intense shopping for strain.
Regardless of this proof, a short pullback is feasible. If that occurs, the $280 degree and the $260-$272 areas are anticipated to function assist.
Supply: Hyblock
AMBCrypto’s technical evaluation of Hyblock’s liquidation heatmap confirmed the degrees that merchants can preserve a detailed eye on. Notably, the $260 zone is vital on the liquidation heatmap.
To the north, the $298.8-$308 zone additionally has a good quantity of liquidation ranges.
Learn Binance Coin’s [BNB] Value Prediction 2023-24
Other than $260, the $270 degree in addition to the $277-$282 space might additionally act as a requirement zone ought to BNB costs sink decrease.
That is the place a bounce is predicted, however Bitcoin [BTC] doubtless wants to remain above the $42k assist for BNB to proceed its ascent.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
