- Summary:
- BNB price faced resistance in the $620-$630 zone for the last two weeks, with multiple attempted breaks above that level ending in failure.
BNB coin price registered the second daily gain in as many days on Tuesday, signaling a potential reversal after its recent breakout to the downside. The Binance-linked coin was up by 1.9% and traded at $616 at press time. BNB’s price action in the last two weeks was mostly sideways to slightly bearish, with periods of moderate recovery and pullbacks.
The price faced resistance in the $620-$630 zone for much of the last two weeks, with multiple attempted breaks above that level ending in failure. The lack of momentum in either direction is confirmed by the Average Directional Index (ADX) indicator which reads 11 as of this writing.
BNB Price Trend Analysis
The 20-day Exponential Moving Average (EMA) has emerged as a dynamic resistance level for BNB price. Notably, the price is approaching the 50-day EMA level, indicating a consolidation. At its current level, the most important support for the coin is at $600, and failure to hold on to that level could strengthen the downward trend.
The BNB chain is facing tight competition from Solana and Ethereum, and will need to be innovative in its offerings and functionality to stand out. Also, Binance, the exchange behind BNB coin, seems to be losing its mojo as its coin recent coin listings have been underwhelming. That does not augur well for the ecosystem, where BNB coin is used to pay for transaction fees.
That said, BNB coin price has long-term support from staking, and increased investor interest in that front could help the price find traction amid a broader market decline.
BNB Price Prediction
BNB price pivots at $608 and the bulls will be in control if action stays above that mark. Immediate resistance will likely be at $621. However, an extended upward momentum will break above that level and likely test $630.
On the other hand, breaking below $608 will favour the sellers to take control, with the first support likely to be at $600. The upside narrative will be invalid if the price breaks below that level, and the resulting momentum could push action lower to test $591.
