• 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

bnb price

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

bnb price

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

bnb price

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.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP