BNB price to stay above $300? What the prediction says

• Binance Coin maintained its bullish bias.
• The dearth of robust promoting quantity through the dip steered that patrons remained the favorites.

Binance Coin [BNB] is predicted to proceed its stellar run of the previous few weeks. From a technical evaluation perspective, the token was buying and selling inside an space the place the patrons would have an interest because of the risk-to-reward facet.

A drop beneath $301 might change these expectations. The proof from the indications and the worth motion confirmed {that a} transfer upward is extra seemingly. Ought to merchants look to enter lengthy positions on BNB?

The previous weekly resistance zone is predicted to push costs upward

Supply: BNB/USDT on TradingView

The 12-hour value chart of BNB confirmed a bullish construction was current. An aggressive studying of market construction would infer {that a} fall beneath $307 would provoke a transfer downward. This might attain the $276-$266 help zone.

The $301.4-$315.4 zone marked in crimson is a help zone on the one-week chart. It had served as resistance again in Could 2022. A drop beneath $301.4 would seemingly see BNB retrace to the $276.5 help stage or decrease.

The RSI was at 61 and confirmed that bullish momentum was robust regardless of the latest dip. The OBV didn’t see a big drop, which meant that the promoting quantity was low when the token fell to $307.

Therefore, it’s anticipated that the patrons will drive costs larger within the coming days.

The short-term sentiment leaned bearishly

Supply: Coinalyze

AMBCrypto’s evaluation of the market sentiment based mostly on Coinalyze knowledge confirmed that sentiment favored the sellers barely. The previous three days noticed each the costs and the Open Curiosity decline. Moreover, the spot CVD has additionally taken successful.

Learn Binance Coin’s [BNB] Value Prediction 2023-24

A transfer to $335 and $350 may very well be anticipated over the subsequent week or two if the OI and the spot CVD start to pattern larger and costs climb above $315.

The subsequent important resistance zone is at $350-$355. This area has not been breached in almost two years.

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.