BNB Coin (BNB), a popular altcoin, is up 2 percent this week, but saw a slight bearish momentum on Monday. While the general cryptocurrency market is affected by developments such as US data and the FED Chairman’s statements, it is curious what’s next for BNB. In this article, we will cover BNB’s latest price action and analysts’ expectations.
This week, these events are affecting the cryptocurrency space
Binance Coin (BNB) had its second-largest drop so far this month, after Monday’s drop of more than 3 percent. The BNB/USD pair bounced back above the $310 level after finding support just above the $300 level at the 21-Day Simple Moving Average (SMA). However, at the time of writing, it has dropped to $306. BNB hit a weekly high of $320 as traders were reluctant to push the price higher ahead of the upcoming major macro risk events.
cryptocoin.com As we reported, recent developments that will affect the market include today’s Fed policy announcement, Thursday’s ECB and BoE policy meetings, and Friday’s US jobs report, as well as other top-notch US data such as ISM PMI surveys and JOLTs job postings. The Fed is expected to raise the interest rate by another 25 basis points to 4.50-4.75%. Fed Chairman Jerome Powell’s stance on his outlook will be the most important thing for the markets. Some strategists expect Powell’s statements to be perceived as hawkish.
What’s next for altcoin?
According to analysts, BNB/USD risks falling below the 21DMA and a short-term uptrend line should the Fed do a hawkish surprise. This will open the door for a decline towards the next major support area in the $280 region, where the 100 and 200-Day SMAs, the Jan. 18 low, are located.
Conversely, if this week’s macro events turn out to be positive for crypto (i.e. a dovish Fed and weak US data, Fed loosening bets), BNB could be looking at an upside break of the $320 resistance area. This will open the door to a rally to November 2022’s highs near $400. This marks a potential 27 percent rally from current levels. According to a Twitter post shared by crypto technical analyst World of Charts, BNB is on the verge of breaking north of a long-term pennant structure.
World of Charts noted that if the breakout is confirmed, testing of all-time highs can be expected. According to Elliot wave-driven technical analyst Cheeky Crypto, Binance Coin could reach the $950-1,570 range in the long run. Cheeky Crypto points to 100x potential in altcoin in his Youtube video where he talks about BNB.
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