Binance Coin Price Prediction for Today, October 23 – BNB Technical Analysis
Release: 2024/10/24 06:19 Reading: 365
Binance Coin Price Prediction
Analysts predict that Binance Coin (BNB) is poised to remain above its moving averages, with the $600 mark currently in focus.
Binance Coin Statistics:
- Current Price: $599.6
- Market Capitalization: $86.7 billion
- Circulating Supply: 145.9 billion
- Total Supply: 145.9 billion
- Coinmarketcap Ranking: #4
Binance Coin has proven to be a lucrative investment, witnessing significant gains since its inception. Currently, it trades within the range of $587.20 and $600.89, having reached an all-time high of $720.67 on June 6, 2024. This translates to a 17.51% decline from its peak. Notably, it commenced its journey at an all-time low of $0.09611 on August 1, 2017, demonstrating an impressive growth of +618,456.09%. This exceptional performance makes BNB a compelling choice for both novice and seasoned investors alike.
BNB/USD Market Analysis:
- Resistance Levels: $665, $675, $685
- Support Levels: $535, $525, $515
BNB/USD is poised to break out of its long-term descending channel, typically a consolidation pattern that signals bullish momentum once broken. This trend has been evident on the daily chart for months, with the price finally surmounting the moving averages, affirming a shift in market sentiment.
Binance Coin Price Prediction: Bullish Momentum
Currently, BNB is consolidating around $599.6, which is transitioning from resistance to support. This level is further bolstered by the 9-day moving average, providing dynamic support. While the price may test the 21-day moving average, it has consistently recovered, signifying its resilience at this crucial technical level. A breakdown below this level could lead to a retest of the support levels at $535, $525, and $515.
However, as long as the 9-day MA remains above the 21-day MA, BNB is likely to trend upwards, potentially reaching resistance levels of $665, $675, and $685. Conversely, if selling pressure increases, a slight pullback may occur, bringing the price below the channel's lower boundary.
BNB/BTC Channel Trading
Against Bitcoin, Binance Coin (BNB) remains within the 9-day and 21-day moving averages. A bullish crossover above the channel's upper boundary is possible. Currently trading at 8873 SAT, BNB could witness further gains if the 9-day moving average crosses above the 21-day moving average.
If buying pressure intensifies, BNB may approach the channel's upper boundary before touching the resistance level of 9550 SAT. Conversely, bearish momentum could push the price below the 21-day MA, attracting sellers and potentially leading to support levels of 8200 SAT and below.
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@CryptoZeinab, with a following of 98.4k on X, has identified a potential bullish inverse Head & Shoulders pattern in $BNB. A breakout above the neckline could propel the price towards $650, potentially reaching as high as $680.
$BNB forming a potential bullish inverse Head & Shoulders pattern!
A breakout above the neckline could send it flying – first stop $650, then maybe even $680. pic.twitter.com/uiYw8CiQpP
— Crypto Zeinab (@CryptoZeinab) October 18, 2024
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Binance Coin Alternatives
Based on the daily chart, Binance Coin (BNB) has not yet established a sustained bullish trend after reaching a high of $611.4. However, BNB/USD holds the potential to break above the upper boundary of its current channel, especially if buying momentum strengthens in the coming days. The long-term outlook for BNB remains positive.
In comparison, Pepe Unchained, a newer project, has gained strong traction during its presale phase, raising nearly $22 million in just three months. While some investors perceive the presale duration as extended, the consistent interest highlights its growing appeal.
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