Analytics

BNB Will Reach New Lows in 2023: Predicts Analyst

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Crypto analyst Jason Pizzino predicts that the BNB/BTC pair will reach a bottom in 2024, despite Binance and Bitcoin losing momentum in the cryptocurrency market.

The analyst predicted the utility token of the largest cryptocurrency exchange in the world, Binance Coin (BNB), to change direction on the Bitcoin (BTC) chart. After an almost two-year bull run, he claimed that Binance Coin (BNB/BTC) may have peaked against Bitcoin (BNB/BTC

As of the time of publication, BNB Price Analysis showed a consistent decline over the previous 24 hours, with prices falling by 0.03% to $247.53.

The market capitalization fell by 0.02% to $39,597,248,600, which led to an increase in selling pressure, with 1-day trading volume falling by 25.89% to $565,851,178.

Source: Trading View

BNB has been trading on a declining pattern since the beginning of December up to 17th, when a bullish momentum reversed the market trend. The bulls tried to push the prices higher, but the bears still are not forfeiting to bite, leading to price swings for the past few days.

The bears have been in control for the past 24 hours pulling BNB’s price to $247.53. The support level at $239 supports BNB’s price not declining further.

Source:Trading View

The upper and lower Keltner Channels bands are touching 249.8 and 247.1, respectively, indicating an upward trend and a protracted downturn in the BNB market.

The Stoch RSI, currently at 53.15, is rising, suggesting that a downtrend is likely as it approaches the overbought zone. This shows that the bulls have started correcting BNB’s price in the past few hours

Source: Trading View

On the 4-hour chart of BNB, there is some positive momentum because the daily RSI line is above the daily RSI SMA line. This momentum is accelerating to overcome the negative momentum.

If the daily 20 EMA line crosses bullishly above the long daily 50 EMA line, BNB’s bullish momentum may accelerate. BNB’s price will need to surpass the barrier at $257.7 for this to occur. BNB’s price will increase to $280 if this resistance level is successfully surpassed.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

   
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