BNBCoin, supported by the cryptocurrency exchange with the largest trading volume, is facing a challenging situation. The current transaction price of this popular cryptocurrency is $212
BNBCoin, supported by the cryptocurrency exchange with the largest trading volume, is facing a challenging situation. The current transaction price of this popular cryptocurrency is $212. At the same time, BTC is consolidating its position at the $26000 level in order to achieve stability. If the closing price can exceed $26300, the next targets will be $26800 and $27500.
Coin On Coin (BNB)
Since April 2023, we have seen a continuous decline in the price of BNB coins. The price rejected the horizontal resistance zone of $350 and began to steadily decline. Although the current weekly chart readings indicate a bearish outlook, the bullish pattern within the daily time frame may trigger a significant increase.
Technical analysis within the weekly time frame shows that BNB prices have been trading within the support range of $930 for 210 consecutive days. BNB briefly broke through this range in August, but failed to maintain its rise, and fell back into this range this week. BNB prices have also encountered resistance in the $350 level range. Recently, prices have reached lower highs in November 2022 and May 2023, triggering a decline towards the $210 level.
BNB Currency Price Forecast
RSI continues to decline every week. The news about Coin An is mostly negative. The CEO of Coin An USA resigned earlier today, which is not the first high-level resignation. Compared to weekly technical analysis, daily technical analysis shows a more bullish trend. The main reason is the formation of a double bottom, which is considered a bullish pattern.
The double dip is also combined with the bullish divergence of RSI. This is a bullish development, with an increase in momentum accompanied by a decrease in prices. It often leads to upward movement.
The combination with bullish patterns further increases the likelihood of an upward trend. If this happens, we may see a 20% increase in BNB coin prices, reaching the $255 resistance zone. A short-term closing price below $210 may invalidate the bullish scenario. If there is a decline, the potential target will be $170.
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