- Binance Coin price prediction expects a fall to $39.50.
- Strong support is found at the $38 mark.
- Strong resistance is found at the $43.50 mark.
The Binance Coin price prediction by Sinao Sivand shows that the cryptocurrency will see a brief pullback towards the downside before it can resume its price ascension. The BNB price is expected to hit the $56 mark in the long-term, per the analyst.
On the 4th of January, the BNB price fell below the $39.50 mark.
1-Day Binance Coin price analysis
Similar to the movement of the altcoin that have been following Bitcoin BTC’s footsteps ever since 2021 started. Binance Coin BNB ascended across the $43.50 mark on the 4th of January after its pursuit of Bitcoin’s uptrend. As the BTCUSD pair fell to a price correction following the exhaustion of its bullish momentum, the BNB price too, fell on its charts and moved below the $38.50 level. The coin fell by over $5 under six hours on the 4th of January. The highest price approached by the cryptocurrency was the $46.46, whilst the lowest price that the crypto asset hit was at the $33.83 level.
While most of the oscillators either indicate a buying signal or stand neutral on the BNBUSD pair, the Moving Averages have been found to be mostly leaning towards the buying signal. This means that the Moving Averages indicate a strong buying position for the cryptocurrency.
The Moving Average Convergence Divergence (MACD) line will soon cross below the signal line in the upper part of the technical indicator’s scale. The histogram has started to build in the positive region with the Relative Strength Index (RSI) at the 55.65 mark, which is above the midline.
The Bollinger bands’ midline is currently being tested as the support while the cryptocurrency forms a red candle with its wick crossing below the midline. The price volatility had increased near the time of writing with an increased expansion shown by the Bollinger bands, while it was at its highest near 10:00 GMT.
The cryptocurrency is expected to be subjected to a bearish bias on the 4H time frame per the movement of the technical indicators.
Binance Coin price prediction: What to expect?
The Trading View analyst Sinao Sivand believes that the cryptocurrency is travelling above a solid support that was marked near the $25 level. The Binance Coin price prediction shows that the cryptocurrency should bounce towards the upside after seeing a mild correction, which will then lead it towards the top of the up-channel.
The ascending channel formed in Q4 2018, and the cryptocurrency has been trading inside of it throughout 2019 and 2020. Over the past month, the price has been able to see an ascending move and it has risen towards the top of the up-channel.
Per the Binance Coin price prediction, the cryptocurrency will hit the $56.7 level by the end of this trade. Higher resistances that the cryptocurrency should target are marked at the $43.47 and $56.52 levels.
The BNB price will depend on Bitcoin’s moves in the near future. The king of cryptocurrencies has recently undergone a price correction and it has taken most of the crypto market towards the downside with itself.