Binance Coin (BNB) Price Prediction 2023 – When will BNB hit $700?

Binance is the utility token for the world’s largest cryptocurrency exchange platform, Binance. Therefore, the native token of this platform gets price direction from the number of active members in Binance with the change in turnover. In 2021, the yearly turnover through Binance was $7.07 trillion, up from $1.07 trillion in 2020. The main reason behind such fund flow is the sophisticated security tool to improve trust in cryptocurrencies. For example, the utilization of the Binance Smart Chain ensures the transaction is validated correctly. Although the company faced some investigations in the US and the UK regarding money laundering and tax offenses, it is still the largest crypto trading platform in the world.

The popularity and usage of the platform allow BNB to hold the top fifths of cryptocurrencies in the world in terms of the market cap. The max supply of this token is 163,276,975, from where 99% of tokens are in circulation. Although the crypto market crash sent Bitcoin price below the $30K level, BNB shows massive exhaustion from the $219.50 swing low.

Let’s see the Binance Coin Price Prediction from the BNBUSD technical analysis.

BNBUSD Rejected the 219.50 Support Level

BNBUSD trades lower where the price eliminated the gain from the 7 November 2021 high to 1 June 2022, where the instrument lost 67% of its value. However, the selling pressure was exhausted by a solid long wicked daily candle from the 219.50 key support level. In the weekly chart, the price also showed buying pressure from exhaustion, although the RSI remained bearish below the neutral 50 level.

 

 

The above technical analysis shows the daily chart of BNBUSD, where the Accumulation/distribution indicator represents how the price is heading with the support of supply-demand. Here we can see the recent bullish reversal from the 219.50 swing low was supported by the ADL, indicating that the bullish pressure came with a strong buying power. Moreover, the RSI shifted its direction after moving below the oversold 30 level, where the possibility of testing the neutral 50 level is high.

In the BNB Forecast, we can say that the trend reversal from bearish to bullish awaits a new swing high above the 322.60 resistance level with an impulsive momentum. Moreover, the buying pressure would come with the dynamic 20 EMA resistance violation followed by the symmetrical triangle breakout. On the other hand, as the long-term trend is bearish, a new swing low below the triangle support would be a bearish opportunity where the primary aim is to test the 240.00 level. 

BNBUSD Ichimoku Cloud Analysis

 

 

According to the Ichimoku Cloud analysis, BNBUSD trades within a corrective bullish pressure where the current price is trading above the Kumo Cloud. In the future cloud, the Senkou Span A moved above the Senkou Span B, indicating that the market sentiment has shifted its direction from bearish to bullish. However, the breakout pressure above the Kumo Cloud is very corrective and may eliminate the gain by a reversal.

This technical analysis shows the Traders Dynamic Index, which measures investors' momentum on the instrument. Based on this indicator, the price trades with less buying power as the upper and lower bands squeeze closer. Moreover, the TDI line tested the upper band and moved below the middle line. Meanwhile, the price formed a strong bearish H4 candle below the dynamic Kijun Sen, indicating sellers' presence above the cloud area. 

According to the BNB price prediction, the H4 market context is bearish and needs an H4 close below the cloud before aiming lower towards the 220.00 area. On the other hand, a bullish break of structure with an H4 close above the 322.60 level would alter the current market structure where the next resistance is at the 413.20 level.

BNBUSD Intraday Price Action Analysis

In the Binance coin price prediction, trades within a strong consolidation in the H4 chart indicate that the order building process is running before making a strong breakout. According to the volume analysis, the highest volume in the visible range is at the 304.40 level, which is within the 316.30 to 287.20 range. Moreover, the latest intraday high volume level remained above the current price from where a strong bearish H4 candle came. 

 

 

This technical analysis shows that the MACD Histogram remained extremely corrective at the neutral level while the dynamic 20 EMA and weekly VWAP are closer to the current price.

Therefore, BNBUSD bears may find momentum after forming a bearish H4 candle below the 287.20 support level. In that case, the selling pressure may extend towards the 240.00 area in the coming days. On the other hand, the alternative approach is to wait for the breakout above the 316.30 level before going long in this pair towards the target of the 400.00 area.

Is Binance Coin (BNB) A Sell?

According to the Binance Coin (BNB) Price Prediction, BNBUSD is likely to extend the current bearish trend following the broader crypto market crash. In that case, any H4 candle close below the 287.20 level would be the most potential price for the entry. 

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