Binance Coin (BNB) has increased nearly 13% in the past week. The cryptocurrency has effectively reversed its downward trajectory – although the price movements are highly volatile ever since the market crash, hinting towards uncertainty in the market. At the time of writing, BNB coin stands at a price level of $397. The price of BNB crypto has increased by 11% in the past twenty-four hours while the daily trading volume has shot up by 37%.
Binance Coin (BNB) Technical Analysis
The market sentiment for Binance Coin is neutral per the technical indicators. Out of the twenty-six technical indicators, ten are giving out a signal of buy nine are standing at a neutral position while seven are suggesting sell position. Both the oscillators and moving averages are neutral. The technical also suggest uncertainty in the market which could lead to even more volatility.
A trader has identified a possible trajectory for Binance Coin. Per the analysis, Binance crypto was expected to stay stuck in the price level below $280 because of high bearish divergence; however, Binance Coin quickly regained bullish momentum and broke out of the resistance zone. Potential price targets have been identified to lie at the price level of $483 followed by $544. Binance Coin has shown good growth after the crash with no reason that the cryptocurrency may not continue the upward trend.
Binance Coin (BNB) price prediction
Trading Beasts’ projections for the future are not in the favour of the coin. The projections show Binnace Coin’s price to decline by the end of the year to $366 while the average price for 2024 is expected to be $661. However, Wallet investor predicts $600 in a year’s time while the 5-year forecast show a staggering price level at $2007. Digital Coin Price is also bullish on the cryptocurrency and projects a similar price of $617 by 2021 and $1747 by 2028.