Binance Coin price prediction: BNB rejected further upside around $42
3 min readTable of Contents
TL;DR Breakdown
- BNB/USDT currently trades around $41.5
- Binance Coin trades under a strong resistance
- Closest minor support level around $40
Binance Coin currently trades around $41.5 and has a market cap of $5.9 billion. BNB has moved by 1.43 percent during the past 24 hours with a volume of $520 million.
Overall, BNB/USDT has traded sideways, with rejections being made both for further upside and downside. Therefore, today BNB will likely show the market direction for the upcoming days.
Cryptocurrency heat map by Coin360
Binance Coin Price Prediction: BNB to continue moving sideways
At the time of writing, BNB trades at $41.5 and has a strong resistance around the $41.5 area. BNB/USDT opened at $41.87 earlier today after further upside yesterday.
The move is a continuation of several day rallies after a strong rejection at the beginning of this week. The rejection earlier this week caused a loss of over 20% on the 10th and 11th of January. However, the Binance Coin did reject further downside as soon as the $35 level was reached. Therefore, we can expect the overall uptrend to continue as long as this level is respected.
A clear ascending trendline is still in place. It was confirmed by a third touch when the BNB made a move from $45 to $35. As long as BNB does not move below it, the current several-week momentum is set to continue.
Binance Coin price movement in the last 24 hours
The price of Binance Coin has increased by 1.1 percent over the past 24 hours. The price currently trades close to yesterday’s close, and some volatility can be seen as minor rejections for both further upside and downside are being made.
Therefore, Binance Coin trades in a range of around $41-42. Until a clear break away from this area is made, further sideways is expected today.
Binance Coin price chart by TradingView
BNB/USDT 4-hour chart – price ready to continue higher?
The next major resistance for BNB can be seen around $45. A new yearly high was set around this level last week. After a retest of the $45 resistance, a double top was made, indicating strong selling pressure around this area.
If BNB breaks above the current consolidation, a further 6-8% move to the upside can be expected in the upcoming 24 hours. If the $45 area is reached, traders should pay close attention to what will happen next.
Another key level to watch is the $40 level. BNB could retest it over the weekend, and it would likely cause a several day consolidation. The market will likely do so until it approaches the previously mentioned ascending trend line. However, if BNB/USDT moves below the $40 support and ascending trendline, the current uptrend would collapse. BNB would likely spend several months in a downtrend once again.
Binance Coin Price Prediction: conclusion
As the BNB/USDT has continued to move sideways for the past 24 hours, a clear direction for the market cannot be made. However, BNB moved higher for the past few days. Therefore, another short-term pullback would be healthy for the market structure.
A critical level to watch right now is the $41.5 resistance. When the price moves away from it, BNB will likely move towards the $45 yearly high or the $40 local support.
Binance Coin is still among the best performing crypto exchange tokens as Binance is still one of the top exchanges globally.
For further reading, check out our in-depth guide on How to Trade on Binance
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.
