Binance Coin (BNB) has been attracting headlines since the recent hack which drained more than $570 million. BNB, the native currency of Binance’s own blockchain, was burned on October 13, eliminating over 2 million BNB from the circulating supply. BNB seems to be caught between the bull and the bear as the price remains within the moving averages. Lets delve in a bit deeper to understand the impact of BNB prices in the coming weeks.
BNB is the fifth largest cryptocurrency with a market valuation of over $43 billion. The digital token witnessed a decline of about 0.38 per cent in the last 24 hours, currently trading at $273.32. Over the past 7 days, BNB fell 0.14 per cent, showing a relatively stable movement.
BNB May Hit $300 in the Coming Weeks
Off late, the digital asset has not been able to maintain a consistent bullish run. However, market experts predict the coin may show some signs of upward movement if it crosses back above the 21-day moving average. In 2021, the price of the native coin from BNB Chain grew by 50 per cent. Unfortunately, it has failed to impress investors in 2022. BNB continues to move slowly downward along with the rest of the crypto market.
Technical indicators suggest that BNB is consolidating itself in a flag formation, waiting for a cross above the 21-day moving average. Experts anticipate if the support level of $272.8 is revisited, a price breakdown may occur as the bears may find a new low at $250, $240, and $230 support levels.
Meanwhile, a bullish step back may likely roll the market to the $280 resistance and could move toward the $300, $310, and $320 resistance levels. At the moment, the Relative Strength Index (14) indicator is seen moving around the 50-level where a bullish cross might reveal a buy signal for the market. As per the technical indicators, BNB market is in a neutral position. The stability of BNB comes when crypto exchange-related tokens are going south.
Analysts believe that bulls could push the price back to the $300 resistance if the stability remains. But, on the flip side, a further bear market could allow bears to push the price lower to $244. Bears are also active, giving a potential consolidation scenario for BNB. In the upcoming weeks, BNB might be bullish at the current level and hit a $300 mark.
BNB in November
According to a Changelly technical analysis, the minimum cost of BNB will be $293.97. The maximum level that the BNB price can reach is $318.75. The average trading price is expected around $304.81. On the other hand, another market expert said that the minimum and maximum BNB prices for the end of November are anticipated to be around $400, and $410, while the average trading price of BNB might be around $405.
Based on the price fluctuations of BNB crypto experts expect that in November 2022, the minimum trading cost might be $282.38, while the maximum might reach $306.91 during the month. On average, it is expected that the value of BNB might be around $295.93.