BNB Price Prediction: Bearish to 336, as long as 465 maintained
How did BNB price perform last week?
Binance Coin failed to sustain a break above the key weekly 23.6% Fibonacci retracement resistance at 415 and formed a shooting star-like bearish candle.
TA wise, what can we expect from BNB this week?
The bearish bias remains intact, underpinned by the downtrend line and bearish momentum. The bears are expected to strive for the tested support at 336. Persistent bearishness would lead a further drop to the psychological support at 300.
To avoid the bearish fate, the bulls must surpass the resistance confluence at 465, formed by the downtrend line and the 38.2% Fib retracement.
FA wise, what can drive the price to the anticipated targets?
The recent investment of $200 million in Forbes, a non-core business for Binance, should raise investors’ eyebrows. Companies flushed with cash but with little idea on the future direction of growth usually follow this path, i.e., investment in non-core businesses, towards value destruction.
Binance Coin failed to sustain a break above the key weekly 23.6% Fibonacci retracement resistance at 415 and formed a shooting star-like bearish candle.
TA wise, what can we expect from BNB this week?
The bearish bias remains intact, underpinned by the downtrend line and bearish momentum. The bears are expected to strive for the tested support at 336. Persistent bearishness would lead a further drop to the psychological support at 300.
To avoid the bearish fate, the bulls must surpass the resistance confluence at 465, formed by the downtrend line and the 38.2% Fib retracement.
FA wise, what can drive the price to the anticipated targets?
The recent investment of $200 million in Forbes, a non-core business for Binance, should raise investors’ eyebrows. Companies flushed with cash but with little idea on the future direction of growth usually follow this path, i.e., investment in non-core businesses, towards value destruction.