Binance Coin (BNB) Technical Analysis: A Bearish Outlook

Binance Coin (BNB) Technical Analysis: A Bearish Outlook for Short-term, Bullish for Long-term

Binance Coin (BNB) is one of the most popular cryptocurrencies in the market, and it has been on a rollercoaster ride recently. Currently trading at 334 , BNB has risen by 82% from its recent bottom, but it is still far from its all-time high (ATH) of 700 in 2021. In this technical analysis, we'll look at the BNB/USDT chart and try to determine what the future holds for this cryptocurrency.

BNB's Recent Performance

As per the chart, BNB has been on a positive trajectory since hitting its recent bottom. However, the analyst doesn't expect the coin to hit a bottom in this bear market. They predict that BNB's bottom would be 120 as the weekly chart is still forming a bearish flag. The analyst has a bearish outlook on the short-term prospects of BNB, but they note that the long-term outlook is bullish.

Supply and Demand Zones

The biggest supply zone for BNB is currently between $350-$400. If BNB breaks this resistance level, the analyst becomes bullish. They predict that BNB will hit 400 before the next leg down, after which a new low/bottom will be formed. The bear market bottom is expected to be around $100- 120 , after which a strong bounce can be anticipated.

Long-term Outlook

The analyst's long-term outlook for BNB is bullish due to the bull flag forming in the weekly chart. They predict that in the next bull run, BNB will reach 1500 -$2000. However, they note that every time the BNB bull market begins, it starts from the 0.5-0.618 fib retracement level, which has not yet occurred in the current market. The 0.5-0.618 fib retracement level for the current market is around 95 -$140, which the analyst believes will be the best accumulation area.

Key Takeaways

Binance Coin (BNB) is currently trading at 334 , up 82% from its recent bottom.
The bear market bottom for BNB is expected to be around $100- 120 , after which a strong bounce can be anticipated.
The biggest supply zone for BNB is currently between $350-$400. If BNB breaks this resistance level, the analyst becomes bullish.
BNB is expected to hit 400 before the next leg down, after which a new low/bottom will be formed.
The long-term outlook for BNB is bullish, with the analyst predicting that it will reach 1500 - 2000 in the next bull run.
Conclusion

In conclusion, this technical analysis predicts that BNB will experience a short-term bearish outlook and hit a bottom of around $100-$120. However, the long-term outlook for BNB is bullish due to the bull flag forming in the weekly chart. Investors are advised to do their own research before investing in any coins.