Market Analysis

BINANCE COIN PRICE ANALYSIS & PREDICTION (January 22) – BNB Remain Strong Amid Latest Market Weakness, Defying The Odd With 3% Gains

While the latest meltdown has driven most altcoins lower, BNB remained in the green zone and trades well above the $310 level with no signs of dropping yet. The price is up 3% in the last 24 hours.

Following a pullback all the way from $338.3 some weeks back, BNB found a solid ground level at $290 and held firmly above the price level throughout last week. 

This week started with a surge and the price climbed back to the $300 level on Monday. Volatility dropped the following day and the price slowly retraced to a minor support at $305. 

It bounced off the support and closed at around $313 yesterday. While attempting to reiterate actions today, the price dropped slightly and remained indecisive due to the latest meltdown across the crypto market overnight. 

Despite that, the price remains strong and looks poise for an increase – that may come into play if Bitcoin stays a bit calm. If not, BNB may lose the grid as the bears might take charge of the market. 

As of now, the bulls are gaining control. Aside from that, BNB is still trading in a bullish zone. It may break out of the three-week resistance line if the price continues to increase daily. 

BNB Key Level To Watch

Source: Tradingview

Breaking through the holding resistance line could trigger a surge to a close resistance level of $320, followed by $327 and $338 before breaking higher. 

A rejection from the resistance line could plunge the price to $303 and perhaps $290 – last week’s low. A crack from here should confirm a sell-off to the $277 support level. Below this support lies the $257.3 level.

Key Resistance Levels: $320, $327, $338

Key Support Levels: $303, $290, $277

  • Spot Price: $312.4
  • Trend: Bullish
  • Volatility: Low

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: volody10/123RF // Image Effects by Colorcinch

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