Binance Coin analysis – BNB is correcting sharply
3 min readAt the beginning of the month, the BNB price rose together with the overall market up to the golden pocket of the last price movement at 336 US dollars. The Binance Coin thus reached its first relevant price target since the low in December was 220 US dollars. In the course of the investigations against Paxos, the issuer of the stablecoin BUSD, the price of the Binance Coin corrected by around 10 percent at the beginning of the week, but was able to return to the important area of the EMA200 (blue) and the supertrend at around 292 by the end of the day recover US dollars. In the short term, a directional decision is likely to be forthcoming. A dynamic drop below the support level at 280 US dollars would further cloud the chart picture.
BNB: Bullish price targets for the coming weeks
Bullish price targets: $295, $319, $338$360, $385, $398$415/431, $455$481, $508
In order not to endanger the upward movement that has been ongoing since the beginning of the year, the BNB price must remain above USD 280 and defend the EMA200 at USD 294 in the short term. The bulls may then attempt another challenge to hit Sunday’s high of $319. The red resistance area represents a major hurdle for the buy side in the short term.
Only when the buyer camp succeeds in sustainably breaking through the area around 338 US dollars does the 78 Fibonacci retracement at 360 US dollars come into focus as a target mark. Again, profit-taking is to be planned here. However, if the bulls manage to clear this area as well, the BNB price could march all the way to the November high of $398. Here the course of the Binance coin should initially bounce off to the south.
If there is a prospect of a sustained, broad-based recovery on the entire financial market, the price of the BNB coin could also rise above USD 417 in the direction of USD 431. This would put the maximum price target in the area of the historical high from April 2022 at USD 455 within reach again. For the time being, however, a price increase in this chart region seems doubtful, too many uncertainties surrounding the stablecoin BUSD should make such a bullish development more difficult.
BNB: Bearish price targets for the coming weeks
Bearish price targets: $280$262, $250/$240, $219$194, $184$165, $148
The negative news about Binance will not stop in the new year either. However, only if the bears succeed in dynamically selling the BNB rate below USD 280 can a pullback to the 23 Fibonacci retracement at USD 262 be planned.
If the BNB price then slides below the support at 262 US dollars, there is a risk of a fall back to the lower edge of the pink support zone at 240 US dollars. The BNB price started its price rally in January 2023 in this area. The bulls should do everything possible to defend this support level.
However, if the BNB price breaks this support level at the daily closing price, the Binance Coin is likely to fall directly into the purple support area. Then the focus should be on the November low of USD 219. It is only here that increased resistance on the part of the buyer is to be planned again.
If there is no countermovement by the bulls here either, the correction could extend to the horizontal support level at USD 198. This means that the previous year’s low of USD 183 would be within reach again. Currently, this price level represents the maximum bearish target on the downside.
