- Binance coin price prediction expecting a fall to $29.3.
- Binance is losing the strong $30 support.
- Current support found at $30.5
Per the Binance Coin price prediction by the Trading View analyst Salar Abbas Pour suggests that the cryptocurrency will fall towards the $29.3 mark next. The cryptocurrency traded near the $30.65 level over the day.
1-Day Binance Coin price analysis
Binance Coin observed jagged price movements on the 24th of October, and the price saw multiple ups and downs until it closed near the $30.7 level.
What to expect from the BNB price?
In September 2020, the price fell into this major ascending channel that the crypto analyst has drawn on the chart below. The price moved towards the $26.6 level, where it formed a triangle. The price saw a downward breakout from the triangle and entered a minor ascending channel laid above the lower boundary of the major channel.
Per the chart above, the price gradually moved towards the $29.7 resistance, after which it moved downwards after the ascending channel. The cryptocurrency saw a wave count, and now the analyst expects the price to move towards the upper trendline of the major channel.
The trade is active as the price touched above the $31.5 mark over the past few days. The analyst expects the BNB price to observe a 19.17% increase.
Binance Coin price prediction: Fall to $29.3 ahead?
Another ascending channel was highlighted on the 4H time frame for the BNBUSD pair. The analyst believes that the price will fall towards the $29.3 level before it tests a curved resistance and then breaks upwards from it. This pattern is expected to repeat itself until the cryptocurrency falls towards the $28 mark.
At the end of this pattern, the price is expected to fall towards the bottom of the bigger ascending channel. Per the chart, the cryptocurrency will rise towards the $29.5 mark after observing the multiple pullbacks. The Relative Strength Index (RSI) appears to be heading downward while it is marked near 50.00. This is the neutral zone, which means that Binance Coin is not oversold or overbought.
The Moving Average Convergence Divergence (MACD) line appears to be crossing below the signal line, which means that the price is expected to go down. The histogram size has also been decreasing in the positive region.
What’s next for BNB?
The Trading View analyst Casey expects BNB price to form a huge cup shaped pattern on the weekly timeframe for the cryptocurrency. The cup and handle trade pattern is a bullish indicator.
The price appears to be heading towards the $43.49 mark, which is where the cup will be completed. Casey expects that the price will form a descending channel after reaching the $43.49 level to form the handle. The cup and handle trade pattern, once completed, concludes in an upward breakout. The price is expected to go long and go upwards towards the $80 mark.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
