Binance Coin Price Prediction: BNB Shows 20% Surge Towards $300
The cryptocurrency market is currently bullish, with Bitcoin up 2% to $42,322 and Ethereum up 1.2% to $2,187. Binance Coin (BNB) is one of the top gainers, experiencing a 5% increase to $250.
Investors are cautiously optimistic about the potential approval of BTC spot exchange-traded funds (ETFs) in January. However, they are still uncertain about whether this will lead to a sell-off or a rally.
Binance Coin seems to have a positive path ahead, especially with strong support at $250. This support level indicates that the price is likely to continue rising.
Bullish Momentum for BNB
Binance Coin is currently holding above key levels of support, as indicated by various moving averages. These include the 50-day Exponential Moving Average (EMA) at $237 and the confluence support created by the 20-day EMA and the 200-day EMA.
After bouncing off the horizontal support backed by the 50-day EMA, BNB broke above the descending trendline resistance, confirming a bullish trend.
Traders are likely to be encouraged to buy BNB now that it has surpassed the tough hurdle at $250. The next breakout above the yellow band on the chart is expected soon.
If BNB successfully retests the yellow resistance, it could be a game-changer for the bulls, potentially pushing the price to $300 before 2024. However, traders should be cautious of potential obstacles at $260 and $280.
The Moving Average Convergence Divergence (MACD) indicator also supports the bullish thesis. It has given a buy signal as it rises above the neutral line, indicating that buyers have control and are likely to sustain the uptrend.
Comparatively, Uniswap (UNI), the token powering the decentralized exchange (DEX) Uniswap, has outperformed BNB this year. According to Coingape’s price tool, an investment in UNI would have increased by 110%, while BNB saw a 95% increase. Therefore, investors interested in exchange tokens may want to consider aligning their goals with UNI.
In conclusion, both Binance Coin and UNI are good projects to consider buying, especially ahead of the anticipated bull run in 2024.
Hot Take: BNB Poised for Growth Despite Competition from UNI
Binance Coin is showing strong bullish momentum with support at $250. The breakout above the yellow band on the chart could push the price to $300 by 2024. However, traders should be cautious of potential resistance levels at $260 and $280. The MACD indicator confirms the bullish trend, indicating that buyers have control. When comparing BNB to UNI, UNI has performed better this year. Therefore, investors interested in exchange tokens may want to consider UNI as well. Overall, both Binance Coin and UNI are promising projects to buy, especially considering the upcoming bull run in 2024.
By
By
By