Key Takeaways
- BNB is stuck below $640, making it hard for the price to rise.
- If it falls under $545, it could drop to the $540-$560 range.
- The whole crypto market will help decide if BNB goes up or down.
Binance Coin (BNB) is trading at $603.27 right now and has just slightly lessened by 0.51% over the last 24 hours. Even though the price has dipped a little, BNB still has a huge market value of $85.94 billion, keeping it high up the list of leading digital currencies. Right now, the coin is struggling to move higher, but it hasn’t fallen too far either.
Where Is BNB Headed Next?
BNB is having a tough time getting past the $640 range, where many sellers are keeping the price down. Over the past few months, sellers have kept prices down, forming a descending trendline that now acts as a resistance zone.
However, the market has finally reached a support zone around $545 and $528, where the market seemed to have bounced back from multiple times, giving the market momentum to move higher.
Using other indicators such as the Relative Strength Index (RSI) and the moving average. The Relative Strength Index (RSI) sits at 46.52, which means the market isn’t sure what to do next.
The market is also in between the 50 and the 200 moving average, showing that it’s in a consolidation phase. If BNB can break above $640, it could start climbing again. If not, it might sell even more.
Market Sentiment and Future Outlook.
BNB’s market cap is holding steady, showing that investors are not exiting in large volumes. However, broader market trends or regulatory issues could influence BNB’s direction. If the overall market turns bearish, BNB could struggle to maintain its current levels. Then again, a surge in buying pressure could help the asset reclaim key resistance zones.
Read also: XRP Price Predictions Reveal a Possible $29 Surge or a Drop to $0.13
