Binance Coin to Hit a Low of $339.1 or a High of $537, Price Analysis

Binance Coin (BNB) Cryptocurrency News Price Analysis

In the past 24-hours, Binance Coin (BNB) has observed a 0.26% uplift in its value, bringing its unit price up to $428.4 per BNB. At the moment, the overall trend for Binance Coin appears to be neutral, meaning it could lead to any corner.

The overall performance scale for Binance Coin is neutral, which means that the numbers of investors on both (buy/sell) sides are almost the same. To be precise, the buy:sell ratio shows that out of the 26 investors, 8 investors are willing to buy BNB, 9 investors are willing to sell it. The remaining investors have preferred staying neutral and monitoring the situation for a while.

As the situation can move to any side, therefore, the bears are trying to move BNB into their corner by increasing selling power. For now, the price of BNB is closer to the 50-day SMA ($433.1), and the bears are trying really hard to stop it from happening.

The first target for the bears is to move BNB away from the particular mark ($433.1) and bring its price lower. The first attempt that the bars may make is to bring Binance Coin down to its first strong support mark ($404.7).

Once the investors bring BNB lower to S1, their next target would be to bring BNB below the 20-day SMA ($403.40). The psychological value benchmark for BNB currently stands at $400. If the bears succeed in pulling BNB below the particular mark, then they would try and bring BNB lower to S2 ($373.20).

At this point, the bears will have the opportunity to increase their selling power and intensify it. This would eventually grant the bears the ability to bring BNB down to its third strong resistance mark ($339.1).

On the other hand, the bulls may also try and up their game by increasing their buying power. The first target that the bulls would want to achieve is to cross the 50-day SMA ($433.1) mark for BNB.

If this is successful, then the bulls would gain more confidence and start pushing harder by increasing their buying ability. The next target for the bulls would be to achieve the first strong resistance (R1) mark which is $473.4. If the bulls achieve R1, they would succeed in hitting the 200-day SMA ($474.06) for BNB as well.

Once the particular checkpoints are reached, the RSI would have entered into the positive territory and BNB would be able to grow higher. The investors would then attempt to push BNB higher up to R2 ($493.5).

The bulls will also have the opportunity to increase their buying potential and hit the 100-day SMA ($504.4) for BNB. Given the current circumstances, the peak prediction made for BNB at R3 is worth $537.

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