- BNB trades at $43.7.
- Binance Coin set a new higher high set just below $44.
- Resistance to watch around $44.5.
Cryptocurrency heat map by Coin360
Binance coin (BNB) continues trading in the green today. Compared to the rest of the market, BNB could be doing better since Altcoins such as XLM, ADA, XRP, and LTC have performed better over the last 24 hours.
Binance Coin Price Prediction: BNB to pullback before continuing higher?
BNB/USD opened at $42.52 and since then has continued to move higher, just like yesterday. Currently, BNB is resisted by the $44.5 horizontal level, which previously reversed the market on the 7th and 10th of January.
Therefore, the analyst predicts this area of resistance will not break on the first attempt. The Binance Coin price will likely retrace in the coming hours and establish a base before attempting another move higher.
Binance Coin price movement in the last 24 hours
Binance Coin is trading with an increased volume today, with over $665 million worth of coins traded over the last 24 hours. When looking at the trading range for BNB, we can see that it is average – from $41.01 to $44.01.
Binance Coin price chart by TradingView
BNB/USD 4-hour chart – BNB has set a new local higher high
Yesterday’s Binance Coin price prediction mentioned that BNB/USD would look to move above the $42 level. Binance coin has achieved this target, as a clear break above the $42 local resistance was made later on.
Therefore, BNB/USD opened a lot of free room to the upside as the next resistance levels to watch were located around the previous local high of $43.5 and the significant resistance of $44.5. The first one, the $43.5 previous local high, has already been broken, establishing a clear higher local high. The higher high is an unmistakable signal that BNB/USD is ready to move higher.
After Binance Coin set a new local higher high, it continued upwards, towards the current resistance of $44.5. For now, this point holds BNB in place. Some signs of rejection towards the downside seem to have already been made as BNB lacks further momentum to break above the level.
The analyst expects Binance Coin to start to retrace towards the previous area of consolidation at $42. The $42 mark, together with the area between 50 and 100 period moving averages, could provide vital support once BNB retraces. However, it is too early to tell right now and much depends on how fast Binance Coin starts to retrace. Perhaps, we will see even further upside for BNB/USD, which would invalidate current assumptions.
If Binance coin experiences a strong rejection back to the downside, a key support would be the $40 area. The $40 area of support has reversed price action several times over the past weeks, as mentioned in our previous Binance Coin price predictions. If this support breaks, the analyst expects a much deeper, medium-term trend reversal.
Binance Coin Price Prediction: conclusion
Overall, Binance coin price prediction is bearish for the upcoming 24 hours, despite the overall market structure indicating a bullish momentum. Since BNB has closed in on an important resistance around $44.5 and showed signs of rejection, a retracement is expected.
However, once the price of the Binance coin retraces and establishes a new base from which to move higher, the analyst predicts a move above the resistance towards the current monthly high of $47.
Right now, the best option is to stay neutral and wait for further price action development.
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