Binance Coin Price Prediction 2023: Is BNB Price Ready For A Sustained Recovery?

Unlike many major cryptocurrencies, which witnessed more than a 75% loss in market value, the Binance coin has projected relatively fewer losses during the ongoing downtrend. By press time, the BNB price trades at $256.5, which is 62.89%, down from the all-time high of $690.93. Moreover, the coin price is currently wobbling near a high accumulation zone of $210, offering an entry opportunity to interested traders. 

Key points:

• A bullish breakout from $255 resistance sets BNB price for 16%
• An evident bullish divergence in weekly RSI hints upcoming price rally
• The intraday trading volume in the BNB coin is $389.5 Million, indicating an 11.2% loss

Source- Tradingview

The weekly technical chart indicates Binance coin has been stuck in a range-bound rally for the past eight months. This range is stretched from $340 to $220 and has limited the BNB growth for the time being.

Historically, the $210-$200 support managed to undermine two major downfalls, that of May 2021 and May-June 2022. In addition, the weekly chart showed some long lower price rejection candled at his support, indicating the buyers are aggressively defending this level.

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Thus, with the new year recovery in the crypto market, the BNB price has recently rebounded from the aforementioned support zone. On January 4th, this price recovery gave a massive breakout from the local resistance of $255, offering further growth potential for holders.

If the altcoin sustains above the breached resistance, the buyers will obtain suitable support to carry forward the price recovery. The post-breakout rally may push the price 16% higher to hit the $300 psychological resistance.

Conversely, a daily candle closing below $255 will offset the bullish thesis.

Having said that, the Binance coin will need a weekly candle closing above the $340 resistance to bolster a sustained bullish recovery in 2023. 

Technical Indicators

Relative Strength Index: Despite the sideways price action, the weekly-RSI slope shows apparent growth, which undermines the underlying strength of a price trend. This bullish divergence shows a higher possibility for price recovery from $210 support.

EMAs: The 200-weekly EMA is moving near the $210 mark, strengthening the support power of this level. However, the other EMAs(20, 50, 100) will pose significant resistance to a potential rally.

Binance Coin Price Intraday Levels

• Spot rate: $258.2
• Trend: Bullish
• Volatility: Low
• Resistance level- $300 and $340
• Support level- $255 and $210-$20