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Binance Coin Price Prediction: BNB/USD Slumps Below $500 Level

Published on

January 31, 2023
Read Time:2 Minute, 9 Second

Binance Coin Value Prediction – August 24

As we speak, the Binance coin worth drops under the every day excessive of $506 however at present, there isn't any signal of enchancment as merchants might shut the day with an awesome loss.

BNB/USD Market

Key Ranges:
Resistance ranges: $550, $570, $590
Assist ranges: $420, $400, $380

As reveals by the every day chart, BNB/USD is sustaining worth momentum through the sharp decline. On the time of writing, the Binance coin worth is bearish as it could proceed to drop in the direction of the 9-day shifting common in response to the present motion. In the meantime, BNB/USD might result in a pointy rise in costs as a result of the technical indicator nonetheless lies throughout the overbought area however at present, the coin displays a lower cost.

Binance Coin Value Prediction: Can Binance Coin Value Transfer Larger?

The Binance Coin worth is hovering under the higher boundary of the channel but when the value slumps under the 9-day shifting common, a bearish continuation might roll the market all the way down to the assist ranges of $420, $400, and $380 whereas a potential bullish surge might drive the market again to cross the higher boundary of the channel which can possible hit the closest resistance on the $530 degree.

Furthermore, any extra bullish motion above the channel at $550, $570, and $590 might additional present resistance ranges for the market. In the meantime, the technical indicator which is the Relative Energy Index (14) is making an attempt to maneuver out of the overbought zone by crossing under 70-level. Nevertheless, any try to drop under this degree might trigger the Binance coin worth to stay within the bearish mode.

Once more Bitcoin, the Binance Coin worth is seen consolidating throughout the channel as the value stays above the 9-day and 21-day shifting averages. Nevertheless, the Binance Coin continues to range-bounds and bulls may need more strong and consistent resistance to push the coin above the higher boundary of the channel.

Moreover, with the present motion on the every day chart, if the value breaks under the 9-day shifting common, it could possible hit the vital assist ranges at 9000 SAT and under. Quite the opposite, if the Binance coin worth breaks above the channel, BNB/BTC might possible revisit the resistance degree of 1100 SAT and above. In the meantime, the technical indicator Relative Energy Index (14) is seen shifting under 70-level, which signifies that extra bearish alerts might come into focus.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 31, 2023
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