TL;DR Breakdown
- BNB trades around $42.
- Closest support at $40.
- BNB looks to break above a descending trendline.
Binance Coin price prediction for today is neutral as the market looks to break above the $42 local resistance and several day descending trendline.
Cryptocurrency heat map by Coin360
The overall market has gone green once again. ETH, XRP, ADA, and LINK are all slowly moving higher. Yesterday`s bearish momentum might continue if more sellers jump later today.
Binance Coin Price Prediction: BNB at a decision point currently
BNB/USD opened at $40.89 after a decline yesterday. Currently, the Binance coin trades around the $42 resistance, which, together with the several days descending resistance trendline, has reversed BNB/USD several times over the past week.
Binance coin could see further highs later today if it manages to break higher. The next target to the upside is located at the $44.5 resistance area. Alternatively, rejection of the $42 area of resistance should lead the price towards another retest of the $40 support.
Binance Coin price movement in the last 24 hours
Binance Coin traded in a range of $39.73 – $42.47 over the last 24 hours with a volume of $530 million. The latest move to the downside to $40 from $42 resulted in an equally strong bounce back to the upside. Right now, the Binance coin trades below the $42 resistance once again.
Binance Coin price chart by TradingView
BNB/USD 4-hour chart – BNB preparing to break higher?
As mentioned in our previous Binance Coin price prediction, BNB/USD continued to move higher for most of the week. However, after peaking at $43.5 on the 25th of January, Binance coin`s price dived back towards the $40 support.
Since then, Binance has recovered and currently trades around $42 as it tests that local resistance of $42 and the descending trendline. The trendline has already been broken, and BNB looks to move higher right now. However, since no higher high has been made locally, BNB is still in a short-term consolidation.
A clear indication that the price of BNB is on a move higher would be a move above the previous swing high of $43.5. If BNB can set a higher high above it and retrace to set a higher low, it would mean a decent long position opportunity. If Binance Coin sets a new higher high and retraces, a target for further upside could be the resistance of $44.5.
Alternatively, if BNB moves back towards the $40 horizontal support, which has reversed the price several times over the past weeks, we might see further consolidation. If BNB manages to break below the $40 support, the market could move towards the $37 support.
Binance Coin Price Prediction: Conclusion
Binance Coin price prediction is neutral as BNB has not established a clear higher or lower low. Right now, BNB/USD looks to break above the $42 resistance, and the descending trendline has already been broken. Therefore, we have the first signs of a reversal back to the upside in place.
The next target for Binance Coin is around $44.5. If BNB/USD manages to set a higher high and a higher low, a long position, with the expectation that the Binance coin will move towards the $44.5 resistance, should provide a decent risk/reward
For now, the best option would be to wait for further price action development.
To learn further about latest crypto news, see our article on OKCoin supporting Blockchain domain names and the warning that The Bank for International Settlements (BIS) has made about Bitcoin.
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