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By the way, there is still nothing definitive in terms of the latest technical analysis. With Wednesday's FED meeting, many investors may opt for a wait-and-see stance before taking concrete steps. Hence the importance of not getting carried away by the reasons that led to the current rebound in NBB prices. Or, more broadly, the rebound in the total cryptocurrency market capitalization, which is approaching the $1.000 trillion mark.
In a market context where the worst could be behind us, let's take a look at the possible Binance coin price trends in the coming days/weeks.
Binance Coin in weekly units – Replenishment expressed in its range between $265 and $336
At the end of last year, Binance Coin prices were below its horizontal range or channel of $265 to $336. But to the delight of the buyers, it was a false sell signal. The beginning of 2023 took the most late sellers by surprise. A series of three consecutive weekly upward candles allowed it to re-enter the range and threaten the resistance of $336.
Furthermore, we observe that the 30-week moving average is losing its bearish momentum due to the range-holding of BNB prices since last summer. This would open the door to the beginning of Weinstein's Phase 1. In parallel, technical indicators are circling their respective waterlines. And for the first time in nearly a year, the MACD is slightly above the zero line.
A breakout of the range is assumed through the breakout of $336, The buyers could potentially move towards the $397 resistance. And if that is breached, $454 would be the next target.a level which corresponded to the starting point of the last wave of correction last spring. Not to mention that the breaking of the descending line would become concrete to definitively neutralize the bearrun of Binance Coin.
Binance Coin in daily units – Prices above the 200-day moving average
Unlike Bitcoin and Ethereum, Binance's coin has not yet managed to return to FTX's pre-bankruptcy levels. And if we look at the prices in daily units, it would take a clear breakout from the up range to close this painful chapter from the end of last year. Fortunately, the latest signals would be in favor of the buyers.
On one side, NBB prices have cleared the 200-day moving average (MM200 daily) from 11 January. On the other hand, the MACD and RSI are respectively above the zero line and the neutral zone at 50. But meanwhile the two technical indicators are digesting their wild ride for now. As soon as the Binance token stops a little below $336.
In case of legitimate consolidation, Binance Coin prices will need to rely on the lower end of the range around $265. With the aim of preserving the chances of a favorable exit from the horizontal channel. Because otherwise, the opposite scenario would take us towards last year's lows, not far from the $211 support.
And we imagine that the market environment becomes stressful again, and this would wake up sellers dangerously at a critical moment. In this case, the return of a new wave of correction would bury the last hopes of the buyers.
NBB – A violent move in both directions
Even as the Binance coin pulled away above the $265 support, its bear market since the last ATH of Nov 2021 it is far from doomed. Especially since we currently have higher highs than before. Because of this, investors will be watching the range break carefully.
And whatever happens, the next NBB price move could be violent in either direction as the range settles down. From above, buyers will regain control of prices in an attempt to gradually erase losses from the latest wave of correction caused by the Luna token crash. But from below, we would eventually perk up the idea of the final stage of bearrun through stages of final capitulation and despair.
Finally, announcements of the next FED monetary policy meetingwhich we hope will be a success, could prove to be decisive for the future of the entire cryptocurrency market. To learn more, we invite you to read our next Bitcoin market update.
