Market Analysis

BINANCE COIN PRICE ANALYSIS & PREDICTION (January 23) – BNB Faints Buying After Steady Build-Up, Now Charging For A Big Drop

BNB lost buzz yesterday after witnessing a consistent increase for more than a week. However, there’s still hope for the bulls in the mid-term but it appears the bears are now back considering the last down surge.

The recent build-up for bullish continuation turned out invalid with a bearish engulfing candle close during yesterday’s trading, as seen on the daily chart.

Rejecting a key resistance level with a sharp nosedive to $303, BNB is now twerking for a bearish movement on the daily chart. It tried to recover but failed with another surge below the $300 mark in the past hours. We can expect a huge drop once the price closes below its four-week low of $290.

From a technical perspective, the bears have returned and as a result, a bigger price movement (sell-off) should be expected in the next few days.

Because BNB has been a bit lagging in the recent correction happening across the market, we can expect the wave to hit this cryptocurrency massively anytime soon.

And in the course of that, it is expected to drop to at least $261 as a retest of last month’s breakout of a key resistance level. If it manages to stay well above its four-week low during this correctional phase, we can expect a massive explosion to the upside.

BNB Key Level To Watch

Source: Tradingview

BNB is currently facing the $290 support level. If it collapses through this level, the next support to keep an eyes on is $277, then followed by a main rebound level of $257.3.

A climb above the $303 level could give the buyers an advantage to retake last week’s high of $321.7. In advance, the $338.3 level would be their next target for an increase.

Key Resistance Levels: $303, $321.7, $338.3

Key Support Levels: $290, $277, $257.3

  • Spot Price: $297
  • Trend: Bearish
  • 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: ximagination/123RF // Image Effects by Colorcinch

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