Is it Too Late to Buy Binance Coin? Crypto Analysts Give Their BNB Price Predictions

After a drop of over 3.0% on Monday, Binance Coin (BNB) is back in the lead, the second biggest so far this month. BNB/USD was last changing hands about 1.5% higher on Tuesday, moving back north of the $310 level after finding support at its 21-day simple moving average (SMA) just above the $300 level.

BNB continues to trade down 3.0% from its first weekly monthly low of $320, with traders reluctant to bid the price higher ahead of a barrage of major upcoming macro risk events. These include Wednesday’s Fed policy announcement, Thursday’s ECB and BoE policy meetings and Friday’s US jobs report, as well as other tier-one US data releases such as the ISM PMI survey and JOLT job openings.

The Fed is expected to hike rates by 25 bps to 4.50-4.75%. Fed Chairman Jerome Powell’s outlook on the outlook for further rate hikes (markets are predicting just another hike in March) will be a key talking point for markets — some strategists expect that despite a mounting mountain of evidence of US inflation. Powell would come out as the aggressor. Falling fast toward the Fed’s 2.0% target.

Where’s next for BNB?

BNB/USD is at risk of a break below its 21 DMA and a short-term upward trend line in case the Fed delivers a hawkish surprise. This would open the doors for a drop back towards the next major support area at the $280 area, where the 18^th The January low, 100 and 200-day SMAs remain.

Conversely, if this week’s macro events turn out to be a positive for crypto (i.e. dovish Fed and weak US data on Fed easing bets), BNB could see an upside move to the $320 resistance area. This would open the door for a return to the November 2022 high of $400, a potential 27% rally from current levels.

Crypto strategist gives his BNB price forecast

According to a Twitter post by crypto technical analyst World of Charts, BNB is on the verge of breaking north of a long-term pennant structure. If the breakout is confirmed, World of Charts noted, a test of the all-time high can be expected.

Elsewhere, according to Elliott Wave-focused technical analyst Cheeky Crypto, Binance Coin could eventually reach the $950-$1,570 range in the long term.

Is It Too Late to Buy Binance Coin (BNB)?

Asking whether it is too late to buy property is not the right question. The answer is always never. The right question is whether a property should be bought or not. And it depends on how an investor measures its long-term price performance outlook.

If you believe BNB based on your own research to have the potential to rise significantly in price over the current years, then perhaps it is something worth buying. Otherwise stay away.

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If you are looking for BNB as well as other high-potential crypto projects, we review the Top 15 Cryptocurrencies for 2023, as analyzed. crypto news Industry Talk Team.

The list is updated weekly with new altcoins and ICO projects.

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