technical analysis for Binance Coin (BNB)
1. Market Structure: On the daily chart (BNB/USDT), the market is displaying a bullish structure with higher highs and higher lows. The price is consolidating near a support level, often a signal of accumulation before a potential upward breakout. The next resistance level to watch is around $875.
2. Weekly Perspective: The weekly chart suggests that BNB could continue climbing if it successfully breaks above the supply zone. Failing this could result in a range-bound movement between support and resistance levels.
3. Bitcoin Correlation: BNB's performance is partially dependent on Bitcoin. Historically, December has been a positive month for Bitcoin and Ethereum, which could support BNB's price growth if this trend continues. However, any downtrend in Bitcoin could negatively impact BNB.
4. BNB/BTC Pair: Against Bitcoin, BNB has broken a downtrend, suggesting renewed bullish momentum. However, for stronger confidence in its upward movement, the pair must flip a key supply zone.
5. General Outlook: Analysts note that BNB remains a robust part of the Binance ecosystem with strong utility and backing. Near-term projections suggest testing all-time highs, provided broader market conditions support it.
As always, cryptocurrency investments are highly volatile. Monitor price movements and market conditions closely.$BNB