Binance Coin (BNB) has recovered by more than 3 percent on Monday, the second largest since the beginning of the year. BNB opened in the $310 region on Wednesday, at $309.50 at the time of writing, after finding support at the 21-day simple moving average (SMA), above the $300 level. BNB is down 0.44% in the last 24 hours.
BNB continues to trade 3.0% below its previous weekly monthly price of $320 and traders are reluctant to take positions to push the price higher, especially as a series of events approaches. Major macroeconomics. This includes the announcement of the latest economic policy Federal Reserve Bank (FED) meetings on Wednesday European Central Bank (ECB) and the Bank of England (BoE) on Thursday and a range of other US data such as the US jobs report, as well as the ISM (Institute for Supply Management Product Prices) survey and the JOLT (Job Openings and Labor Turnover survey).
The FED is expected to raise rates another 25 basis points to 4.50-4.75%. The tone to be adopted by the Chairman of the FED, Jerome PowellOn the outlook for further rate hikes (markets are pricing in just one more hike in March) will be key for markets – some strategists expect Powell to be hawkish despite rising indicators that US inflation is falling rapidly towards the 2.0% target.
Which direction for BNB?
The BNB/USD pair may break below its 21DMA (Displaced Moving Average) and its short-term rising trendline if the FED shows bullish signs. This would open the door for a drop to another major support area, the $280 area, where its lows (as of January 18) and 100- and 200-day SMAs are located.
Conversely, if this week’s macro events turn out to be positive for the cryptocurrency (ie if the FED adopts a more expansionary monetary policy and weak US data increases bets on FED easing), BNB could be looking at an upside break around $320. resistance zone. This would open the door to a November 2022 high near $400, a potential rally of 27% from current levels.
Crypto strategists give their price predictions for BNB
According to a Twitter post by technical analyst World of Charts, BNB is about to move north of the long-term pennant structure. If this break is confirmed, a test of BNB’s historical highs is expected.
Furthermore, according to technical analyst Checky Crypto, who specializes in Elliott Waves, Binance Coin could hit the $950-$1,570 range in the long term.
Is it a good time to buy BNB?
If, based on your own research, you believe that ENB’s price is likely to rise significantly over the next few years, it is probably worth buying. Otherwise, stay away.
An alternative to BNB
If you’re looking for other high-potential crypto projects alongside BNB, we’ve reviewed the top 10 cryptocurrencies for 2023, analyzed by CryptoNews’ team of term experts.
Disclaimer: The “Expert Sayings” section presents the opinions of crypto industry players and is not part of the editorial content of Cryptonews.com.
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