2023-4-12 17:36 |
The BNB price increase on April 11 indicates that the price could be mired in a significant upward movement that takes it toward a new yearly high.
Since March 10th, the price of BNB has gone up. It broke out from a descending resistance line three days later and reached a new yearly high of $346.30 on March 18. While the price fell afterward, it bounced on April 3, creating a long lower wick (green icon) and validating the 0.5 Fib retracement support level (black).
The BNB price has moved upward since April 3, accelerating its rate of increase over the past 24 hours. Additionally, the daily RSI moved above 50 (black), another sign of a bullish trend.
If the increase continues, the closest resistance area would be at an average price of $356. A breakout above it could trigger a pump to the long-term resistance at $455.
However, if the price falls and closes below the $306 support level, a drop to $265 could follow.
BNB/USDT Daily Chart. Source: TradingView BNB Price Prediction for April: $400 Within ReachThe technical analysis for the 12-hour time frame provides a highly optimistic BNB price forecast. According to the wave count, BNB appears to be in wave three of a five-wave upward movement (white), which is usually the strongest of the three bullish waves. The sub-wave count, shown in black, indicates that the price is currently completing sub-wave three. This is also the sharpest of the sub-waves.
If this wave count is correct, the BNB price could soon experience a significant acceleration in its increase, with a potential target of $455 for the top of wave three. This target is found by giving waves 1 and three a 1:1.61 ratio. A less likely target would be at $383, giving the same waves a 1:1 ratio.
However, if the price falls below the sub-wave two low of $299 (red line), it will invalidate the bullish structure and indicate a bearish trend instead. In that scenario, the BNB token price could drop to the $220 support area.
BNB/USDT 12-Hour Chart. Source: TradingViewTo conclude, the most likely BNB price prediction for April is an increase toward $455. A drop below $299 would invalidate this bullish scenario and could lead to a drop toward $220.
For BeInCrypto’s latest crypto market analysis, click here.
The post Is BNB the Crypto to Watch in April? appeared first on BeInCrypto.
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