Binance Coin is the native token of the Binance ecosystem comprising Centralized Exchanges, Decentralized Exchanges, Binance Chain, Binance Smart Chain, and its crypto financial services. At present, Binance Coin faces stiff resistance near $431 levels, which comes out as an essential Fibonacci retracement and long-term swing resistance levels.
Binance Coin Price Analysis
Despite a strong price action, there is a reduced volume on BNB trading in the last couple of months. As BNB is getting ready to face the resistance levels, we expect some consolidation before; it can give a good return on investments. BNB will become a must-buy once it manages to close above the immediate resistance and retest the support levels in the near term.
Relative Strength Index is trading in the overbought zones for the last two days, identifying a need to fall back to lower levels. Since the BNB is trading near the upper levels of Bollinger bands, we expect a continued up move, but for confirmation, BNB needs to close above $430 on the daily charts. On the downside, we have support at $333 and $253 on lower levels.
On hourly charts, Binance Coin has to support at $333, the breakout level on daily charts. The trend line creates an urgency on an immediate breakout from current levels where BNB could move upwards to $450 or fall back to $400 levels.
Binance Coin has already faced resistance near $430 twice and is attempting to take support from the trend line. RSI on hourly charts is at neutral zones indicating an unsure investor sentiment on B&B to trade at higher levels. RSI above 60 levels with price action above $435 will be a good buying level for the targets of $500 as per our BNB price prediction.