Market Analysis

BINANCE COIN PRICE ANALYSIS & PREDICTION (December 13) – BNB Pushes Above $250 Amid Market Drawdown, Can It Sustain Buyin For Long?

Despite this week’s meltdown, Binance Coin (BNB) showed strength and continued to increase steadily. It is now forming a bullish pattern after charting a 10% gain in the past week. More gains lie ahead.

BNB ended last week’s trading in a slightly bullish mode on the short-term after consolidating under $235 for two weeks.

The coin attempted to break down this week but quickly recovered from the low of $228. However, it is gaining traction across major timeframes as it pushed to $257 today, marking its highest level in three weeks.

Looking at the latest surge, the price is likely to experience more recovery in the next few days. Last month’s high may pose a threat to the buyers on the way up. A push above that high should bring a full-recovery to the June crackdown level.

On the other hand, a drop from the current trading level could trigger a pullback to the recently flipped resistance level, which now serves as support. Losing the monthly low may leur the bears back from a short-term perspective.

But as it stands now, the bulls are gaining control on the daily. Additionally, BNB’s daily volume indicator has been on the rise since October – revealing a notable amount of volume inflow during this period.

Currently, the price is up 5% in the last 24 hours as it charges to register more in the coming hours.

BNB Key Level To Watch

Source: TradingView

The closest resistance line for BNB on the way up is $262, followed by $272 (November high) with a surge to $286. The next buying target would be $300 if the price further advances.

Considering a retest, the current daily flipped resistance of $249 may serve as support. Lower support levels to watch for drops are $236 and $221.

Key Resistance Levels: $262, $272, $286

Key Support Levels: $249, $236, $221

  • Spot Price: $255
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ivanbabydov/123RF // Image Effects by Colorcinch

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