The Binance Coin price prediction by Ali Reza shows that the cryptocurrency hit a sell signal near the $40.45 resistance when the cryptocurrency tested it very recently. The price is expected to move towards the $33.5 level before it reaches a buy signal and moves to the $43 mark.
On the 1st of January, the BNB price observed an upward pull and moved towards the $38.20 level.
1-Day Binance Coin price analysis
The 1D chart shows that the Binance Coin market saw an increase in the price just after the cryptocurrency stepped on the new annual calendar. The cryptocurrency market had seen a decline on the 31st of December, where Binance followed suit and fell towards the $36.80 level in the evening. On the first day of the new year, the BNBUSD pair approached a high of $38.18.
The oscillators show buy signals as the cryptocurrency appears to have risen by almost a dollar at the start of the year. At the time of writing, the BNB price was observed at the $37.63 level. The technical indicator movement has been fairly bullish over the past few hours. The Moving Average Convergence Divergence (MACD) line moves above the signal line while the histogram size is also increasing in the positive region.
The Relative Strength Index (RSI) stands above the midline and appears to be moving towards the overbought region. This means that the cryptocurrency is in the neutral range, and it is neither oversold nor overbought as of now. The upper Bollinger band is being tested by the BNB price with the midline as support. This means that the BNB market stands bullish as of now, and will see a rise in the short term time frame.
Binance Coin price prediction: What to expect from the BNB price?
Ali Reza expects the downtrend from the past 2 days to continue until Binance Coin reaches the bottom, near the $33.59 level. A buy signal is laid between the $31.7 and the $33.59 levels. If the coin gathers enough volume in this trading range, the price will move up towards the $40.45 level.
The movement depends on the Bitcoin market as well, since if we look at the chart above, we can also observe a head and shoulders forming on the charts. The head and shoulders will come into play if the cryptocurrency hits a resistance near the $36 mark and bounces off to turn towards the downside. This will form a head and shoulders on the 4H time frame and it will leave the cryptocurrency bearish. In the case that an H&S pattern is formed, the price should move towards the $26.333 support, that lies at the bottom of this chart.
Per this Binance Coin price prediction, the current target range lies between the $43.71 and the $46.92 levels. The Binance Coin price prediction will come into play if the BNB price breaks above the $37.65 mark after falling bearish to $33.59. Upper resistances lie at $40.45, $43.71, and $46.92. This means that the cryptocurrency is bullish on the long-term trade for the Binance Coin price prediction.