Binance Coin (BNB) Technical Analysis: A Bearish Outlook
Binance Coin (BNB) Technical Analysis: A Bearish Outlook for Short-term, Bullish for Long-term
Binance Coin (BNB) is one of the most popular cryptocurrencies in the market, and it has been on a rollercoaster ride recently. Currently trading at
334
, BNB has risen by 82% from its recent bottom, but it is still far from its all-time high (ATH) of
700
in 2021. In this technical analysis, we'll look at the BNB/USDT chart and try to determine what the future holds for this cryptocurrency.
BNB's Recent Performance
As per the chart, BNB has been on a positive trajectory since hitting its recent bottom. However, the analyst doesn't expect the coin to hit a bottom in this bear market. They predict that BNB's bottom would be 120 as the weekly chart is still forming a bearish flag. The analyst has a bearish outlook on the short-term prospects of BNB, but they note that the long-term outlook is bullish.
Supply and Demand Zones
The biggest supply zone for BNB is currently between $350-$400. If BNB breaks this resistance level, the analyst becomes bullish. They predict that BNB will hit 400 before the next leg down, after which a new low/bottom will be formed. The bear market bottom is expected to be around $100- 120 , after which a strong bounce can be anticipated.
Long-term Outlook
The analyst's long-term outlook for BNB is bullish due to the bull flag forming in the weekly chart. They predict that in the next bull run, BNB will reach 1500 -$2000. However, they note that every time the BNB bull market begins, it starts from the 0.5-0.618 fib retracement level, which has not yet occurred in the current market. The 0.5-0.618 fib retracement level for the current market is around
95
-$140, which the analyst believes will be the best accumulation area.
Key Takeaways
Binance Coin (BNB) is currently trading at
334
, up 82% from its recent bottom.
The bear market bottom for BNB is expected to be around $100- 120 , after which a strong bounce can be anticipated.
The biggest supply zone for BNB is currently between $350-$400. If BNB breaks this resistance level, the analyst becomes bullish.
BNB is expected to hit 400 before the next leg down, after which a new low/bottom will be formed.
The long-term outlook for BNB is bullish, with the analyst predicting that it will reach 1500 -
2000
in the next bull run.
Conclusion
In conclusion, this technical analysis predicts that BNB will experience a short-term bearish outlook and hit a bottom of around $100-$120. However, the long-term outlook for BNB is bullish due to the bull flag forming in the weekly chart. Investors are advised to do their own research before investing in any coins.
Binance Coin (BNB) is one of the most popular cryptocurrencies in the market, and it has been on a rollercoaster ride recently. Currently trading at
334
, BNB has risen by 82% from its recent bottom, but it is still far from its all-time high (ATH) of
700
in 2021. In this technical analysis, we'll look at the BNB/USDT chart and try to determine what the future holds for this cryptocurrency. BNB's Recent Performance
As per the chart, BNB has been on a positive trajectory since hitting its recent bottom. However, the analyst doesn't expect the coin to hit a bottom in this bear market. They predict that BNB's bottom would be 120 as the weekly chart is still forming a bearish flag. The analyst has a bearish outlook on the short-term prospects of BNB, but they note that the long-term outlook is bullish.
Supply and Demand Zones
The biggest supply zone for BNB is currently between $350-$400. If BNB breaks this resistance level, the analyst becomes bullish. They predict that BNB will hit 400 before the next leg down, after which a new low/bottom will be formed. The bear market bottom is expected to be around $100- 120 , after which a strong bounce can be anticipated.
Long-term Outlook
The analyst's long-term outlook for BNB is bullish due to the bull flag forming in the weekly chart. They predict that in the next bull run, BNB will reach 1500 -$2000. However, they note that every time the BNB bull market begins, it starts from the 0.5-0.618 fib retracement level, which has not yet occurred in the current market. The 0.5-0.618 fib retracement level for the current market is around
95
-$140, which the analyst believes will be the best accumulation area. Key Takeaways
Binance Coin (BNB) is currently trading at
334
, up 82% from its recent bottom. The bear market bottom for BNB is expected to be around $100- 120 , after which a strong bounce can be anticipated.
The biggest supply zone for BNB is currently between $350-$400. If BNB breaks this resistance level, the analyst becomes bullish.
BNB is expected to hit 400 before the next leg down, after which a new low/bottom will be formed.
The long-term outlook for BNB is bullish, with the analyst predicting that it will reach 1500 -
2000
in the next bull run. Conclusion
In conclusion, this technical analysis predicts that BNB will experience a short-term bearish outlook and hit a bottom of around $100-$120. However, the long-term outlook for BNB is bullish due to the bull flag forming in the weekly chart. Investors are advised to do their own research before investing in any coins.
Twitter: twitter.com/CryptoPatel
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link