Where’s BNB heading next? Price Rally or Decline
BNB, the native token of Binance Chain, is among the top ten most popular cryptocurrencies because of its high market cap. The token has a great support system thanks to the Binance exchange, which is why it has such a high trading value of $591.86.
Though every day is not the best-performing day, the BNB token has faced a few challenges, leading to price declines here and there. Moreover, the token has failed to achieve its all-time high target of $690, set three years ago. And despite the March surge, the price hasn’t moved much. Instead, it fell to a low of $517 a few days ago and is finally starting to recover now.
So, what’s coming next for BNB? Let us discuss that in this blog.
BNB Price Prediction For May
As the market has started to recover, the attention has again shifted to these top cryptocurrencies because of their comparative stability and higher gains. BNB has witnessed daily price fluctuation until now but has maintained its value above $582 for days. Its Relative Strength Index (RSI) indicates a neutral effect, which means BNB is neither oversold nor overbought. It confirms the sideways movement BNB has been displaying for days in correlation with the other crypto’s side movements. In contrast, the Moving Average Convergence Divergence (MACD) is signaling a selling period.
The moving averages indicate the buying nature of the market. So, a minor price decline might happen, but the price will recover soon. During May, the price is anticipated to fall to a low of $458.86 and a high of $714. For now, BNB has its support levels at $ 583.80 and the resistance level at $ 598.05. If it succeeds in crossing the resistance level, the chances are high that the token will move upwards. Otherwise, a decline might happen.
Final Thought
BNB’s growth didn’t get much restricted despite its legal issues over its ex-CEO Changpeng Zhao. However, it also did not get any huge gains over the last few weeks. The token was just moving sideways until recently, and now it has to see how it will move throughout May. Whether it will fall to a low of $458.86 or it will surge to a new high of $714.
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