Why isn’t the altcoin price breaking out?

The price of Binance Coin (BNB) recently recovered along with the entire crypto market to a new high for the year at 346 US dollars. However, like most other Altcoins, the BNB price has not yet reached its historical high from November 2022. Most recently, the BNB price oscillated in a narrow trading range. Reassuringly, the interim payout and trading freeze did not cause a massive sell-off at BNB. Nevertheless, the price currently seems to be stuck in the Golden Pocket area. In the last seven trading days, the price of the Binance coin has bounced off the upper edge of the red resistance zone to the south. Only a daily closing price above 345 US dollars should give the BNB course a further boost. On the other hand, a dip below the support at $319 could see Binance Coin initially consolidate towards $309.

BNB: Bullish price targets for the coming weeks

Bullish price targets: $338/345$360, 385/$398$415/431, $455$481, $508

The red resistance area continues to represent a major hurdle for the buyers. Only when the buyers’ camp succeeds in breaking through this zone sustainably and dynamically breaking out above the previous week’s high of $345 will the 78 Fibonacci retracement move to $360 Target in focus.

If there is no renewed profit-taking here, the BNB price could march through to the orange zone around the November high of 398 US dollars. Here, however, the course of the Binance coin should bounce off to the south in the first attempt.

If the Bitcoin price increases towards the psychological $30,000 and above in the coming weeks, the price of the BNB coin could also gain further upward momentum. A break above the November 07, 2022 high will activate the next price target at $431. This means that the next relevant target in the area of ​​the historical high from April 2022 at 455 US dollars would be within reach again.

If the crypto market continues to rally in the coming months and BNB price breaks out of the $455 resistance, the green target area will come into focus. The maximum price target for the coming period is between 481 US dollars and 508 US dollars.

BNB: Bearish price targets for the coming weeks

Bearish price targets: $319, $298/$283$262, $245/$240, $219197/$184

If the seller succeeds in pushing the BNB price below USD 319 at the daily closing price, the EMA200 (blue) at USD 298 will first come into view. A direct spike into the turquoise zone between US$291 and US$283 would also be conceivable. Here you can find the supertrend in the daily chart.

A break would immediately take BNB close to $275. This support had last held several times on a daily basis. A spike and thus retest of the low of March 10th in the yellow support zone would lead to a preliminary decision for the coming weeks. If Binance Coin slides below that, the correction will extend into the $240 zone.

However, the BNB course should only make one stopover here. The probability of a correction extending to the low from December 2022 would increase noticeably. Only in the area around 219 US dollars can one expect a clear resistance from the bulls. For now, the purple support zone acts as the maximum bearish price target.

Looking at the indicators

The RSI is currently threatening to fall back into the neutral zone between 45 and 55 and thus switch back to neutral. The MACD indicator should also generate a new sell signal if the price weakness persists. Although both indicators are trending north in the weekly chart, strong buy signals have not yet been formed. From an indicator point of view, no stable upward trend can be seen here.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.93.