Binance Coin (BNB) Price Prediction: BNB May Go Bullish as Eyes Are Currently Glued on $600

The Binance Coin price prediction shows that BNB is likely to stay above the moving averages as eyes are currently glued on $600.

Binance Coin price analysis for October 19, 2024, reveals that BNB is likely to trade above the moving averages as eyes are currently on the $600 price mark.

Binance Coin (BNB) price analysis reveals that the coin is currently trading above the 9-day and 21-day moving averages, and it is showing signs of strength at a key technical level.

BNB/USD is likely to break out of a long-term descending channel, a pattern typically used to indicate consolidation, but signaling bullish momentum once broken to the upside. This movement, observed in the daily chart, had been forming for months before the price finally broke above the moving averages, confirming a shift in market sentiment.

Binance Coin Price Prediction: BNB May Go Bullish

BNB coin is consolidating around $599.6, which is transitioning from resistance to support. This level is further reinforced by the 9-day moving average, which acts as a dynamic support. The price could test the 21-day moving average but it is managing to recover each time, indicating its strength at a key technical level. However, a breakdown of this level could lead to another test of $535, $525, and $515 supports, but for now, it remains intact.

Nevertheless, in as much as the 9-day MA remains above the 21-day MA, it is likely for the coin to face the north and the price could hit the nearest resistance levels at $665, $675, and $685 respectively. Meanwhile, if the sellers increase the selling pressure, there may be a little retreat to the south which could bring the coin below the lower boundary of the channel.

BNB/BTC Ranges within the Channel

Binance Coin (BNB) price analysis against Bitcoin reveals that the crypto is likely to create additional gains if the 9-day moving average crosses above the 21-day moving average, considering that the market trades at 8873 SAT.

BNB/BTC is ranging below the 9-day and 21-day moving averages, and the price could make a bullish cross above the upper boundary of the channel.

However, if the buyers increase the buying pressure, the Binance Coin price may head towards the upper boundary of the channel before touching the resistance level of 9550 SAT and above. Meanwhile, any bearish movement may bring the price below the 21-day MA, and this could attract new sellers to come into the market with the next focus on the support level of 8200 SAT and below.

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Binance Coin (BNB) has not yet shown a sustained bullish trend after reaching a high of $611.4 on the daily chart. However, BNB/USD is showing potential to break above the upper boundary of its current channel, especially if buying momentum strengthens in the coming days. The long-term outlook for BNB is positive. In comparison, Pepe Unchained, a newer project, has demonstrated strong demand during its presale phase, raising nearly $22 million in just three months. Despite some investors viewing the presale duration as extended, the consistent interest highlights its growing traction.

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