Binance Coin Price Prediction: $250 Support Secured, Can BNB Conquer a 20% Climb?

1 year ago 7

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Binance Coin price prediction: The crypto market is bullish considering the largest crypto, Bitcoin is up 2% to 42,322, Ethereum is up 1.2% to $2,187 while Binance Coin (BNB) emerges as one of the biggest gainers, up 5% to $250.

Although growing optimism for the possible approval of BTC spot exchange-traded funds (ETFs) in January continues to drive crypto prices, investors are on the edge amid the uncertainty surrounding pre-approval sell-off or rally.

As for Binance Coin, the path with the least resistance seems to be on the upside, especially with support at $250 secured.

Binance Coin Price Prediction: BNB Starts 20% Climb To $300

Binance Coin holds above crucial levels, as highlighted by three applied MAs, starting with the 50-day Exponential Moving Average (EMA) (in red) currently at $237, and the confluence support created by the 20-day EMA (in blue) and the 200-day EMA (in purple).

After springing from the horizontal ray support backed by the 50-day EMA, BNB climbed above the descending trendline resistance, accentuating the bullish theory.

Traders are likely to be encouraged to buy into BNB knowing that the toughest hurdle at $250 is out of the way and the next breakout above the yellow band on the chart is around the corner.

A successful retest of the yellow resistance could be a game changer for the bulls, who see Binance Coin rising to $300 before 2024. Traders should consider taking profits while BNB rises, keeping in mind potential snarl-ups at $260 and $280.

A buy signal from The Moving Average Convergence Divergence (MACD) indicator reinforces the bullish thesis as it rises above the neutral line (0.00). This shows that buyers have the upper hand and are likely to keep providing Binance Coin with the tail force to sustain the uptrend.

In Comparison, investors interested in top exchange tokens may want to know that Uniswap (UNI), the token powering the decentralized exchange (DEX) Uniswap, has since the year performed better than BNB.

Binance Coin price prediction chart vs Uniswap

According to Coingape’s price tool, an investment made in UNI would have increased by 110% compared to BNB’s 95%. Therefore, when choosing between exchange tokens, it may be prudent to align goals with UNI as opposed to Binance Coin, however, individually they are good projects to buy, especially ahead of the anticipated bull run in 2024.

The post Binance Coin Price Prediction: $250 Support Secured, Can BNB Conquer a 20% Climb? appeared first on CoinGape.

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