Ethereum

Resistance

Coin

<ul class="list-ic vertical">
 <li><span>1</span> <a>Binance conducts the Quarterly burns of Binance coins, know the reason below.</a></li>
 <li><span>2</span> <a>The current trading levels of the BNB coin are near the moving averages.</a></li>
 <li><span>3</span> <a>BNB coin’s price is at a critical support of $225.&nbsp;</a></li>
</ul>
<p>The Binance Coin (BNB) was initially created as an asset to be sold in Binance’s ICO, serving as a means for users to pay lower trading fees on the platform. However, it has since evolved into a crypto asset that can be held in compatible wallets off of crypto exchanges, allowing people to send it directly to others for payments or other purposes.</p>
<p>Binance also conducts quarterly burns of Binance Coins to eliminate them. It has been a continuous practice since 2017. On a technical level, the Binance blockchain has been merged to form the BNB Chain, which has been optimized for on-chain trading and is used for Binance’s decentralized exchange (DEX), among other things.</p>
<p>The BNB Chain is composed of the BNB beacon chain and the BNB Smart Chain. The BNB beacon chain is focused on BNB Chain governance for staking and voting by Binance Coin holders. The BNB Smart Chain serves as a consensus layer that is compatible with the Ethereum Virtual Machine and has hubs for multi-chains.</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-prediction-of-bnb-coin-price-strong"><strong>Technical Analysis &amp; Prediction of BNB Coin Price&nbsp;</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img loading="lazy" decoding="async" width="1600" height="787" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-510.png" alt="The BNB Coin Bears have Arrived; Will the Bulls Make a Comeback?" class="wp-image-184822" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-510.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-510-300x148.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-510-1024x504.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-510-768x378.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-510-1536x756.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-510-750x369.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-510-1140x561.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption"><a href="https://in.tradingview.com/chart/X78t0Vyp/?symbol=CRYPTO%3ATONUSD" rel="noopener noreferrer nofollow">TON/USD</a> chart by TradingView (Daily time frame)
  </figcaption>
 </figure>
</div>
<p>At the press time, the BNB <a href="https://www.thecoinrepublic.com/2023/11/17/osmo-coin-bulls-are-confronting-bears-at-the-resistance-level/" target="_blank" rel="noopener noreferrer nofollow">coin price</a> is trading at $247. The value of the coin has decreased since yesterday. From a technical standpoint, BNB’s rate is currently trading in consolidation, gathering momentum for a potential move. The current scenario suggests that the coin price will continue consolidating in the $222-$271 range for the next few days.&nbsp;</p>
<p>The bulls are finding it difficult to push the price above the overhead resistance at $267. In addition to this, there is also a 2nd resistance which is at the level of $313. The bulls are at a critical level as they are taking support from the 50-day and the 150-day EMAs.&nbsp;&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img loading="lazy" decoding="async" width="1600" height="396" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-509.png" alt="The BNB Coin Bears have Arrived; Will the Bulls Make a Comeback?" class="wp-image-184821" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-509.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-509-300x74.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-509-1024x253.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-509-768x190.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-509-1536x380.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-509-750x186.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-509-1140x282.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
 </figure>
</div>
<p>Therefore if the price drops below the moving averages, it may indicate that the bulls are losing their control over the market. That could lead to a fall in price to the strong support at $205. Moreover, if the BNB bulls took the support from the EMAs, they can shoot up to the long wick of the candle of 21 November.&nbsp;</p>
<figure class="wp-block-table aligncenter">
 <table>
  <tbody>
   <tr>
    <td><strong>Pivot</strong></td>
    <td><strong>Classic</strong></td>
    <td><strong>Fibonacci</strong></td>
    <td><strong>Camarilla</strong></td>
    <td><strong>Woodie</strong></td>
   </tr>
   <tr>
    <td>S3</td>
    <td>141</td>
    <td>191</td>
    <td>214</td>
    <td>153</td>
   </tr>
   <tr>
    <td>S2</td>
    <td>191</td>
    <td>210</td>
    <td>219</td>
    <td>188</td>
   </tr>
   <tr>
    <td>S1</td>
    <td>209</td>
    <td>222</td>
    <td>223</td>
    <td>203</td>
   </tr>
   <tr>
    <td>P</td>
    <td>241</td>
    <td>241</td>
    <td>241</td>
    <td>237</td>
   </tr>
   <tr>
    <td>R1</td>
    <td>259</td>
    <td>260</td>
    <td>232</td>
    <td>252</td>
   </tr>
   <tr>
    <td>R2</td>
    <td>290</td>
    <td>271</td>
    <td>237</td>
    <td>287</td>
   </tr>
   <tr>
    <td>R3</td>
    <td>340</td>
    <td>290</td>
    <td>241</td>
    <td>302</td>
   </tr>
  </tbody>
 </table>
</figure>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>Binance Coin (BNB) was created for Binance’s ICO and to pay lower trading fees. Binance conducts quarterly burns to eliminate them. BNB’s price struggles to rise above $267 and there’s a second resistance at $313. Bulls are at a critical level.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $225 and $205.</li>
 <li><strong>Resistance Levels: </strong>$267 and $313.</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.</p>

The BNB Coin Bears have Arrived; Will the Bulls Make a Comeback?

Table of Contents

Thecoinrepublic.com

Other articles published on Dec 18, 2023

Record Token Burns in the Avalanche Network

Yield Guild Games: Blockchain Gaming and NFTs Simplified

Lean Community and FreeLIB Newsletter - Week #50

Circle launches EURC stablecoin on Solana

Crypto Bloodbath: $130 Million in Longs Destroyed as Bull Market Takes Break

ADA price stable during correction, Polkadot (DOT) and Borroe Finance ($ROE) ready to ignite

Join our free newsletter for daily crypto updates!