Binance Cash Price Prediction – BNB Heads South to Target $339 - Forex News by FX Leaders

Binance Cash Price Prediction – BNB Heads South to Target $339

Posted Thursday, January 27, 2022 by
Arslan Butt • 2 min read
  • The BNB/USD coin is trading with a strong bearish bias, having plunged to 363, from the 400 level
  • According to the crypto intelligence firm, Santiment, there is a likelihood that the prices of Binance Coin, Axie Infinity and Monero will skyrocket in the upcoming days
  • Most digital assets have reached their lowest levels in one year, given the negative momentum surrounding the whole market
The BNB/USD closed at $384.90, after achieving a high of $388.0, and a low of $357.80. The BNB/USD pair reversed its course on Tuesday and turned green for the day, as the market sentiment started to recover a bit. The whole market mood has been negative for the past few weeks, and cryptocurrencies have been experiencing a major sell-off.

 

BNB/USD
Most digital assets have reached their lowest levels in one year, given the negative momentum surrounding the whole market. However, the leading cryptocurrency, Bitcoin, has been showing some positive movement for the past two days. Despite having made little in gains, Bitcoin is moving on a green note, and that was enough for market participants to think that the selling sentiment was nearly over.According to a crypto intelligence firm, Santiment, there is a likelihood that Binance Coin, Axie Infinity and Monero prices will skyrocket in the upcoming days. The firm said that they were currently seeing a notable rise in leveraged short positions across different assets. The average exchange funding rates are negative for altcoins like ANKR, XEM, SIA, XMR, AXS, DGB and BNB. If these short positions are liquidated, it could spike the price significantly. These comments by Santiment added to the positive momentum in BNB/USD on Tuesday.

Furthermore, the subdued price fluctuation in the US dollar also added to the rising prices of the BNB/USD. As a result, the US dollar was declining against a basket of six major currencies on Tuesday, as investors are being cautious ahead of the release of the Fed policy decision. The Federal Reserve will hold its policy meeting on Wednesday, and they are expected to give some hints about interest rate hikes and tightening of monetary policy.

Binance Cash (BNB/USD) – A Technical Outlook

The BNB/USD coin is trading with a strong bearish bias, having plunged from the 400 level to 363. On the 4-hour timeframe, the BNB/USD has completed a 50% correction, and the formation of candles under this level is driving a downtrend in the BNB/USD.

Daily Technical Levels

Support         Resistance
365.80           396.00
346.70           407.10
335.60           426.20
Pivot Point:  376.90On the support side, BNB/USD may find immediate support at 339, and a break below this could open up further room for selling, until 310. On the other side, immediate resistance for Binance Cash remains at 400, and a break above this would open up further room for buying until 426. Good luck!

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