BNB price prediction: Key highlights
1. Key support and resistance levels
- In the analysis of the weekly chart, the lowest support level for BNB can likely be $204, while $349 can prove to be the highest point of resistance.
2. BNB market sentiment
- The dominant market sentiment for BNB in February 2024 was bullish.
3. Future price forecast
- Based on our AI/ML predictive models, the forecasted average approximate price for the year 2026 is projected to be around $681.
- Looking ahead, the models predict that by 2028, the average approximate price could reach $1100.
Check out our comprehensive weekly technical analysis of BNB, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models:
Binance Coin (BNB) technical analysis: A strong bullish comeback
BNB’s weekly chart revealed a nuanced trajectory of price movements. The Binance Coin price prediction for 2024 presents a bullish outlook, but its sustainability remains in question.
2023 saw a tug-of-war between the buyers and sellers. The price initially faced rejection at $328 in February, leading to a temporary breach of the support level at $304 as the month concluded. As the market progressed into mid-March, BNB’s price appreciated, attempting to move closer to the peak resistance at $349. This effort was again met with minor retracements.
The culmination of bullish efforts was observed in mid-April when BNB finally touched the peak resistance, only to be met with rejection. This rejection precipitated a series of declines, notably in June, when the support level at $304 was breached, resulting in a significant drop to the $234 support level.
Till mid-August, BNB struggled to breach the $250 resistance level, remaining consolidated within the mentioned resistance/support range. This consolidation phase was broken by another major drop in mid-August, which propelled the price to its lowest support level at $204 for the analyzed timeframe.
The level acted as a floor against further declines, setting the stage for a subsequent rally initiated by bulls in mid-October. By November, the price once again tested the $250 resistance level, only to face a minor rejection that led to a temporary breach of the $234 support level by the end of the month.
In a significant turnaround, mid-December saw BNB’s price ascend above $250, with a notable surge towards the end of December that re-established $304 as a critical support level. However, the asset did not revisit its peak resistance during this time.
From the end of December till the conclusion of the analysis, BNB has remained consolidated between the $328 resistance and its current support level, trading at $316 at the time of writing. While the market sentiment is bullish, monitoring a breakout out of this consolidation is quite important as it will dictate future price movements.
Should a bullish breakout occur, the price may face considerable resistance at $349—a level that has not been surpassed since May 2022. For any upward trend to sustain, bulls will need to overcome this resistance and maintain a strong buying momentum. If the uptrend persists, BNB could potentially reach $450-$500 in 2024.
Conversely, in the event of a bearish breakout, the price is expected to fall back to its support level at $250. Our predictive models are rather optimistic about BNB’s prospects, forecasting an average price of $681 by 2026. This suggests that the asset could come close to surpassing its all-time high (ATH). Looking ahead to 2028, our models anticipate that the asset could cross the $1000 mark, achieving an average trading price of around $1100.
BNB’s 2024 roadmap: Key indicators to watch and trade
- The trading volume for BNB remained lackluster until May. Still, following a significant price drop in June, a recovery in trading volume was observed, albeit briefly, as further price declines led to a decrease in volume in tandem.
- As the price began to recover from October, this was mirrored in the trading volume, with noticeable spikes being observed. Since the end of January, the volume has remained relatively low.
- The Chaikin Money Flow (CMF) stayed near the zero line until March but then increased significantly as the price tested resistance in April, reaching as high as 0.26. After peaking, it began to decline, eventually moving into negative territory by the end of July.
- The indicator moved back above the zero line by the end of October and remained there for the most part. However, it experienced temporary dips in late November, mid-December, and again slightly in January. By the end of the analysis, its value stood at 0.06.
- The Awesome Oscillator (AO) remained positive until June, after which it dipped below the zero line. A gradual lessening of the negative values was observed from mid-September, culminating in the AO moving above the zero line by the end of December. At the time of writing, its value stood at 60.9.
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