Binance Coin (BNB) has been on a downtrend for the best part of a month now. The coin is down about 5% the last 7 days and was largely on the red for the whole of December. But the long-term outlook is still positive, with some analysts seeing BNB surging past $1000 by the end of 2022. Nonetheless, some indicators right now appear to show a surge towards $650. Here are some highlights first:
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At press time, Binance Coin (BNB) was trading at $514 with a market cap of around $85 billion.
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The nearest support based on the chart is at $503, and it is likely BNB will fall towards that price before rallying.
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The key for BNB will be to surge above the overhead resistance of $532, something that could trigger a rally towards $650
Data Source: Tradingview.com
Binance Coin (BNB) – Price action and analysis
Many analysts agree that BNB has been in a correctional phase. This started in Mid-November and has continued well into the New Year. In fact, the moment BNB fell below $600, and it was clear that the downside trend will hold for a bit longer.
But there is some upside to this. We have seen a lot of consolidation slightly above the $500 mark. This could suggest that the bearish pressure occasioned by the BNB correction over the last two months could start to abate. We see this downtrend reversing and BNB testing the overhead resistance of $532 in the near term.
Why you should buy Binance Coin (BNB)
Binance Coin (BNB) is one of the largest cryptos with nearly $85 billion in market cap. Although the coin is seeing some headwinds right now, it's still a decent long-term asset to have in your portfolio. However, if you want to ride the uptrend in the coming weeks, get in now.