Sinao Sivand’s Binance Coin price prediction shows that the cryptocurrency will see a short retracement to the downside before continuing its price increase. The BNB price is likely to reach $ 56 in the long run.

 

On January 4, the BNB price fell below $ 39.50.

1-day BNB price chart

In 2021, crypto money started its new year adventure by following the footsteps of Bitcoin. Binance Coin surpassed $ 43.50 on January 4th after following the uptrend of Bitcoin. The BNB price also declined and fell below $ 38.50 as the BTC / USD pair experienced a price correction after the bullish momentum was exhausted. The cryptocurrency fell over $ 5 in less than six hours on January 4. The highest price the cryptocurrency approached was $ 46.46, while the lowest price hit by the crypto asset was $ 33.83.

 

What do technical indicators tell for Binance Coin?

While most oscillators on the BNB / USD pair either show a buy signal or stay neutral, Moving Averages seem to be mostly leaning towards the buy signal. This means the Moving Averages show a strong buy position for the cryptocurrency.

The Moving Average Convergence Divergence (MACD) line will shortly pass below the signal line at the top of the technical indicator scale. The histogram began to be formed in the positive zone with the Relative Strength Index (RSI) at the 55.65 mark above the midline.

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The midline of the Bollinger bands is currently being tested as support, while the cryptocurrency forms a red candle with the crossing of the wick below the midline. Price volatility increased near time of writing with the increasing widening demonstrated by the Bollinger bands, and was highest at 13.00.

The cryptocurrency is expected to show a bearish trend in the 4-hour time frame according to the movement of technical indicators.

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