Bitcoin Price Analysis
Bitcoin price is struggling to maintain the $40,400 support level, but bulls are having a hard time due to heavy selling. Additionally, the expectation of a more mature price correction at higher levels has increased the selling tendency among investors. Losses in altcoins have also increased.
Binance Coin (BNB) Overview
BNB price fell below the long-term declining resistance line in November 2021, like many altcoins, leading to a low of $183. After approximately 770 days, in December 2023, the altcoin reclaimed this region. There were plenty of details to convince investors that the long-term downtrend had ended, including ETF excitement and Binance settlements.
After reclaiming the horizontal resistance area, the crypto exchange’s altcoin marked a peak of $338. The RSI is above 50, and if BTC losses do not multiply, it seems likely to continue rising along with the price. Moreover, the Binance hearing is not going as badly as expected, and the price at the time of writing stands at $311, a weak loss of 2.3% compared to the average drop in other altcoins.
BNB Coin Price Prediction
Network transaction fees on the BNB side are quite low, with the latest report stating an average of 0.00044 BNB fee for 3.74 million transactions per day. Additionally, the team will discuss opBNB tomorrow. OpBNB is an optimistic rollup that helps scale the BNB Smart Chain.
Daily and weekly chart readings indicate that the least resistance is upwards. We see on the daily chart that the BNB price exited an ascending parallel channel in December 2023. This indicates the beginning of strong upward movements. Although BNB Coin price has been trading below the short-term resistance line for 25 days, it has made many attempts to surpass the region. If attempts continue, the resistance will weaken, necessitating an upward breakout.
On the other hand, according to the Elliot Wave Theory, BNB Coin price is in the fourth wave of a five-wave upward movement. The fourth wave has formed a symmetrical triangle, and the breakout time is approaching. If BNB experiences an upward breakout, the $360 resistance could be tested. In the opposite scenario, if $300 is lost, the price will face the risk of falling to $280.
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