How is Binance BNB Looking Today?
Binance BNB is currently trading around the $245 mark and is still struggling to gain momentum on the lower timeframes. As highlighted in our previous analyses, BNB is currently trading between the $240 and the $250 mark and has been consolidating within this zone for the past ten days. We also mentioned the significance of the $250 mark and how it has acted as strong support in the past. It is crucial for BNB to flip the $250 mark into support in the coming days, or we could expect another sell-off. Let’s take a quick look at the Binance BNB Price Prediction Today (29-Dec-2022) to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for BNB, we can also notice that the price is also respecting trendline support and is forming higher lows on lower timeframes.
This is usually a positive sign, as higher lows indicate that the buying pressure is gradually increasing. However, the trading volume is still quite low, so we might see BNB break below this support soon.
If the price manages to break below this level, the next level we will be eyeing for Binance BNB is the $230 mark, where BNB found support recently as well.
On the other hand, if trading volume flows in and BNB manages to get above $250 once again, the next target we will be eyeing for BNB in short-term is the $270 mark, which is also the 0.5 of the Fibonacci level from swing high to swing low.
However, we can also identify a falling wedge on the 1-day timeframe, and it is possible that the price will continue a downward movement in the short term before it makes a bullish move in the next couple of weeks.
Conclusion: Final Verdict on Binance BNB
Binance BNB is still consolidating below the $250 mark and could continue downside movement in the immediate short term. The price is showing a few bullish signs, but with the low volume, we might not see upward movement anytime soon. Right now, we will not be placing any immediate trade on BNB and will wait for the trading volume to rise. If the price does drop to $200 in the coming days, we will be interested in accumulating more BNB at that level.
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