BNB Price Prediction: Will Binance Coin Change the Game In 2023?
BNB price is trading in an interesting downward pattern pulling the price down. However, the price took a hike of more than 2.22% in a day with an increment in volume of 11.91% and a 2.28% increase in market cap. The current market cap of BNB is 32.832 Billion with FD’s market cap of 32.832 Billion.
In the previous session, BNB USD price opened at $210.9 and took a high of $215.4 with a low of $210.8. However, the price closed at $213.0 with a change of (1.00%) hinting bullish mood of buyers in that session.
BNB price prediction indicates that BNB price may see further depreciation in its value within the next few months.
Presently, the BNB price history shows it is down by -9.81% over the past 7 days and more than -12% in a month. Meanwhile, the stock price has declined by -30.80% in the last 3 months and -28.87% in a year describing prolonged bearishness.
According to the price action it is facing bearish pressure. Currently, the sellers are in charge of the trend where they are carrying firm command over the price of BNB coin. However, the bulls attempted to take control. Despite the bullish optimism, the buyers were unable to break above 50 EMA, and bears regained dominance over the price movement in the 1-day timeframe.
BNB crypto is trading under the critical exponential moving averages within the bear’s grasp. The price is facing rejection from the 50 EMA multiple times on the daily timeframe. The price is facing a significant selling force in the supply area which suggests that sellers may drive its value down further in the near future.
The technical indicators indicate that bears hold the edge over the price action. The price pattern, oscillators, EMA’s, and Volume are moving in tandem, giving similar signals.
Technical Analysis of BNB Price in 1-D Timeframe
Source: BNB.1D.USD by TradingView
At the time of publishing, BNB price is trading below the 50, 100, and 200-day EMAs (Exponential moving averages), and a bearish cross was noticed on the chart hinting about the bearish price trend.
Nevertheless, if the selling volume grows in the stock then the stock may go down further. Moreover, the current value of RSI is 27.79 points. The 14 SMA is above the RSI curve at 33.72 points which indicates that the BNB price is bearish.
The MACD line at -8.0 and the signal line at-5.5 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the Binance Coin price.
Conclusion
BNBUSD technical indicating bearishness on the chart. Binance coin is currently trading in a falling wedge pattern but seems bearish right now. At the current moment, traders and investors should be patient and look for a clear breakdown or breakout before making any moves and avoid the fear of missing out to reduce losses.
Technical Levels
- Support Levels: S1 = $227.7 and S2 = $214.3.
- Resistance levels: R1= $258.1 and R2 = $275.
Disclaimer
This article is only for information and does not give any financial advice or suggestions about buying, selling, or holding any financial asset. Please note that financial markets are risky and unpredictable, and past performance does not guarantee future results.
