BNB price forecast as altcoins brace for sideways consolidation

October 26, 2023 09:37 PM AEDT | By Invezz

BNB price forecast as altcoins brace for sideways consolidation — Image source: Invezz

BNB price to continue its upsides

Binance Coin traded at $225.26 at this publication, following a recent upswing that saw it overcoming the $200 – $220 region, where it has consolidated for nearly 90 days. The latest buying momentum increase propelled the alt from $210 to $238 between 19 October and 24.

Nevertheless, the rally attracted profit-taking by investors, triggering an approximately 7% dip to current price levels. Continued declines will see BNB retesting the support barrier at $220 as the RSI hits the neutral-50.

That might renew the bullish strength and offer sidelined investors a chance to buy the coin. That may welcome a solid surge to surpass the resistance at $228, potentially extending toward the $253 obstacle. Such a move will lead to a 15% uptick in Binance Coin’s price.

Moreover, Binance auto-burn procedure continues to reduce BNB token supply, which will ultimately boost Binance Coin’s longer-term performance.

While Binance Coin exhibits an upward stance as the broad market flashes bullishness, sudden selling momentum might dent the potential uptrend. Magnified bearishness that drags BNB beneath the crucial support of $220 can catalyze a plunge to the footing at $211.

A 24-hour candle closing under $211 will cancel Binance Coin’s upside narrative, possibly welcoming the $202 lows attained on 9 October.

Nevertheless, enthusiasts should follow broad market developments to gauge BNB’s potential direction in the coming sessions.

The post BNB price forecast as altcoins brace for sideways consolidation appeared first on Invezz

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