BNB was no exception, as the entire cryptocurrency market suffered from the negative consequences of the collapse of FTX, once one of the largest crypto exchanges in the world, but things may be getting better.
Analysts say Binance Coin could be the best investment of 2023!
Indeed, BNB, aka Binance Coin, could be one of the best crypto investments at press time, according to TradingView technical analysis (TA) presented on TradingShot on Dec.
According to this analysis, the strong pullback the token has shown since its November 27 high (before the lowest peak of the 8 November FTX crash) appears to have come to an end as the one-day relative strength index (RSI) has dropped. “It broke below the 300.00 oversold barrier and is recovering.” As analysts further clarified, there is a distinct historical pattern signaling ‘buy’ in the medium term:
“In terms of price action, this is the same as the June low formation that resulted in a bullish-starting bottom to the previous Lower High (now Resistance). In any case, when the 1D RSI drops below 300.00 and then bounces back, it is a strong buy signal in the medium term.
Moreover, “symmetrical trend lines formed Support (green) and then Resistance (red) levels.”As a result, analysts “as the upcoming test of 320.00 Resistor (November 27 High) will break the 1W MA50 again”He believes the time may come when BNB turns into a long-term buy.
“If the fractal continues to repeat, the next curve pattern will peak significantly above the 1W MA50, thus turning Binance Coin into long-term bullish territory. Perhaps the best time to buy BNB is now, we believe it will be one of the best investments of 2023. ”
BNB price action analysis and forecast. Source: TradingShot/TradingView
Not all news is good
Meanwhile, as Bloomberg’s Joanna Ossinger reported on Dec. triggered.
Price action of BNB since early September. Source: Bloomberg
At the same time, the RSI, moving average convergence divergence ( MACD ), moving average (MA), and Bollinger Bands (BB) are trading BNB at $242.50, down 2.71% from its current price on Dec.
BNB 7 day price forecast. Source: Price Estimates
BNB price analysis
At press time, BNB was trading hands at $249.26, up 1.01% on the day, as the charts show, but still down 10.15 percent over the past week and 7.95 percent from 30 days ago.
BNB 1-month price chart. Source: Finbold
With a market cap of $39.87 billion, BNB remains the fifth largest cryptocurrency by this indicator, according to CoinMarketCap data received on Dec.
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