Binance Coin Price Prediction: BNB looks strong but faces steep resistance ahead
|- BNB is currently trading at $28.27, inside a daily tightening range.
- Bulls are eying up a possible breakout, however, BNB is still facing a crucial resistance level.
The past two months have been pretty wild for BNB, exploding from a low of $18 on September 5 to $33, only one week later. Another week later, the digital asset had a notable pullback to $22.1, but recovered again.
This range will determine the next direction of BNB
On the daily chart, the price has established a high at $29.26 and a low at $27.3 and BNB has been trading inside this range for over a week.
BNB/USD daily chart
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The MACD turned bearish, but will most likely turn bullish again as BNB is already bouncing back up. A breakout of $29.26 could take BNB up to the last high at $33 to re-test it.
BNB Holders Distribution Chart
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Looking at the holders distribution chart for BNB, we can observe a downtrend that started in September but seems to be shifting in favor of the bulls. The number of whales holding between 10,000 coins and 100,000 coins increased from 39 on October 1 to 43 now, a notable growth that could indicate a change in the trend.
BNB/USD 4-hour chart
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The 4-hour chart shows a symmetrical triangle pattern formed with BNB trading above the 100-SMA and the 50-SMA. The MACD also turned bullish a few hours ago indicating that the price could be on its way to re-test the upper boundary at $28.76.
A strong breakout above this resistance level would be great for the bulls which could eye up a potential target of $29.5 in the short-term and up to $33 in the longer-term.
On the other hand, considering the price was already rejected several times from the upper trendline, another rejection would most likely take BNB down to the 50-SMA at $27.88.
A further breakout below $27.88 can push the digital asset towards the lower trendline, coinciding with the 100-SMA at $27.
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