Binance Coin price prediction: BNB towards $46, analyst

TL;DR Breakdown

• Binance coin price prediction expects a rise to $46.
• Strong resistance currently stands at the $44 mark.
• Strong support currently lies at the $38.5 mark.

Binance coin price went as high up as $44.33 in the past 24-hours but failed to gain any support at this price point. BNB tried getting past the $44 level thrice in the past 24-hours but unable to sustain the high. Binance coin (Binance Coin) price observed a 0.54 percent gain in the past 24-hours. BNB price trading ranged between $42.09 – $45. At the time of writing BNB market capital stands at around $6.175 billion.

Out of a total of 28 indicators, 18 indicators are at buy, nine are neutral with only one sell indication. Out of the 17 moving average indicators, 16 are at a strong buy signal with just one neutral indication. While out of the 11 oscillators only one stands at the buy indication with eight neutrals and one sell indication. The overall market sentiment stands at the greed score of 79, while last week it stood as high as 94.

Binance coin prediction: What to expect?

Analyst Hossein Mohseni explained in his Binance coin price prediction that BNB is likely to hit the $46 mark. However, it seems that the bearish pressure on Bitcoin affected the cryptocurrency’s performance.

The cryptocurrency faced heavy resistance in the market earlier in the week as well. The currency suffered a loss of around 20 percent at the beginning of the week. Going downtrend initially the Binance Coin competed with the resistance and after diving up to $35 the cryptocurrency found strong support at the $34 mark. The strong support allowed BNB to move in an ascending channel following the overall market trend. Mohseni laid out the weekly movement in a wave formation starting at the $34 low when the cryptocurrency went up to $40 (point 1 on the chart) only to dive down to the $38 level (point 2 on the chart). BNB has since been moving in an ascending channel.

Although Mohseni’s Binance coin prediction did not play out to the $46 mark. However, at the time of writing, the moving average convergence/divergence is still giving out bearish flags. It appears that the bullish trend may have slowed down for Binance Coin but the likely hood to hit the $46 mark still stands valid.

Another analyst Sunstorm Invest shows a large reverse head and shoulder (H&S) pattern forming on the Binance Coin chart in his Binance coin price prediction. The head started forming. on the charts on the 10th and 11th of January. While the current price movement is completing the second shoulder on BNB charts. A clear bullish signal that allows traders to believe that a further price hike is in order.

While the recent Binance partnership with Poly Network is also likely to provide additional market and psychological support to the Binance Coin. Poly Network is a cross-chain interoperability network that extends Binance’s reach into new untapped areas of the cryptocurrency market. Although Binance coin price predictions are positive, cryptocurrency is a volatile market that can sway in any direction, cautious trading is always advised to ensure a safe trading experience and good yields. As always, we will advise holding a furthermore to see the ascending channel safely building form before your next trading decision.