BNB Price Prediction: Post-Correction Rally May Push BNB Price to $400
The price of Binance Coin (BNB) has been highly volatile in the past two weeks. This is due to the market waiting for the US SEC’s decision on spot Bitcoin ETF approval. As the regulatory agency leans towards approving this digital asset, the altcoin market is expected to experience a significant boost, continuing its recovery trend.
If the BNB price can sustain above the $300 support level, it may rally past $400 after the correction.
Key Levels to Watch
- The BNB price correction may face strong demand at $285 and $270.
- A bullish crossover between the 100-day and 200-day EMA could encourage buying momentum in the market.
- The intraday trading volume for BNB is $1.3 billion, indicating a 23% gain.
In mid-October 2023, the Binance coin price entered a new recovery mode after rebounding from $200. Within three months, the price surged by 66% to reach a seven-month high of $338.
During this rally, the BNB price broke out from a resistance trendline of a symmetrical triangle pattern on December 26th. This pattern suggests a major shift in the market dynamic as buyers overcome key resistance levels.
By press time, the BNB price traded at $299.6 and underwent a correction to regain bullish momentum. According to the Fibonacci retracement tool, this pullback phase may find support at $285 and $270, which align with the 38.2% and 50% FIB levels.
With the expected approval of Spot Bitcoin ETFs by the SEC, the BNB price could rebound from the mentioned support levels and continue its recovery. The next targets for BNB could be $351, $400, and eventually $460.
BTC vs ETH Performance
Over the past three months, both BTC and BNB have shown a steady recovery with higher highs and lows. However, Bitcoin’s recovery had shallow retracements and gradual rallies, while BNB experienced more significant pullbacks, indicating more active selling pressure in this asset.
- The 20-day EMA slope provides additional support for buyers at the psychological level of $300.
- A bearish crossover between MACD and signal line suggests an ongoing correction trend.
Hot Take: Will BNB Reach $400?
With the potential approval of Spot Bitcoin ETFs by the SEC, the BNB price has a good chance of reaching $400. The ongoing recovery trend and strong support levels indicate a positive outlook for BNB. Keep an eye on the market and upcoming news to make informed investment decisions.
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