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BNB Coin, supported by the largest cryptocurrency exchange in terms of volume, is facing a challenging situation. The popular cryptocurrency is currently being traded at $212. Meanwhile, BTC is consolidating its position at the $26,000 level as it aims to stabilize. If it can close above $26,300, the next targets will be $26,800 and $27,500.
Binance Coin (BNB)
Since April 2023, we have seen a continuous decline in the price of BNB Coin. The price rejected the $350 horizontal resistance area and started a steady downward journey. Although the current weekly chart readings indicate a bearish outlook, a bullish pattern in the daily time frame could trigger a significant upward movement.
Technical analysis in the weekly time frame shows that the BNB price has been trading within a $930 horizontal support area for 210 days. BNB briefly broke out of the range in August but couldn’t sustain its rise and fell back into the range this week. The BNB price also encountered resistance from the $350 horizontal area. More recently, the price triggered a decline towards the $210 horizontal area by forming lower highs in November 2022 and May 2023.
BNB Coin Price Prediction
The weekly RSI is consistently in a downtrend. News surrounding Binance has mostly been negative. The CEO of Binance US resigned earlier today, and this is not the first high-level resignation. The technical analysis in the daily time frame shows a more bullish trend compared to the weekly one. The main reason for this is the formation of a double bottom, which is considered a bullish pattern.
The double bottom is also combined with bullish divergence in the RSI. This is a bullish development where an increase in momentum accompanies a price decline. It often leads to upward movements.
The combination with a bullish formation further increases the likelihood of an upward movement. If this happens, we may see the BNB Coin price reaching the $255 resistance area with a 20% increase. Short-term closes below $210 could invalidate the bullish scenario. If a decline occurs, the potential target would be $170.
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