Binance Coin Price Prediction: Early Signs of Rally to $300
The cryptocurrency market is showing bullish tendencies, with Bitcoin up by 2% to $42,322 and Ethereum rising by 1.2% to $2,187. Binance Coin (BNB) is emerging as one of the notable gainers, experiencing a 5% increase to $250.
Despite the growing optimism surrounding the potential approval of Bitcoin spot exchange-traded funds (ETFs) in January, investors remain cautious due to the uncertainty regarding a pre-approval sell-off or rally.
For Binance Coin, the path of least resistance appears to be on the upside, particularly with strong support at $250.
Binance Coin Holds Above Key Levels
Binance Coin maintains its position above crucial levels, as indicated by three applied Moving Averages (MAs). These include the 50-day Exponential Moving Average (EMA) at $237, and the confluence support formed by the 20-day EMA and the 200-day EMA.
After breaking through the horizontal ray support backed by the 50-day EMA, BNB has surpassed the descending trendline resistance, supporting the bullish outlook.
Traders are likely to find encouragement in the fact that the toughest hurdle at $250 has been overcome, and a breakout above the yellow band on the chart seems imminent.
A successful retest of the yellow resistance could be a game-changer, with expectations of Binance Coin reaching $300 before 2024. Traders should remain vigilant for potential obstacles at $260 and $280 and consider taking profits during the ascent.
A buy signal from The Moving Average Convergence Divergence (MACD) indicator further strengthens the bullish thesis, indicating that buyers have the upper hand and are likely to sustain the uptrend.
Comparison with UNI Token Performance
Investors interested in top exchange tokens may note that Uniswap (UNI), the token powering the decentralized exchange (DEX) Uniswap, has outperformed BNB. According to Coingape’s price tool, an investment in UNI would have increased by 110%, compared to BNB’s 95%.
When choosing between exchange tokens, it may be prudent to align goals with UNI instead of Binance Coin. However, both projects show promise, especially in anticipation of the expected bull run in 2024.
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