BNB price forecast as altcoins brace for sideways consolidation
The digital assets market navigates bullish cues as Bitcoin explores range highs following its latest surprise jump past $35K. Meanwhile, Binance Coin is retracing after overtaking the crucial obstacle at $220.
Crypto analysts believe Bitcoin can break out to hit $37K. While alts mimic the bellwether’s price actions, Michael van de Poppe trusts altcoins could witness sideways consolidation before following BTC’s upside trajectory.
#Bitcoin challenging itself around the range-highs.
Breakout above and we’ll see $37K, but for #Altcoins you’d rather have a period of sideways consolidation. pic.twitter.com/HRAjrUTDid
— Michaël van de Poppe (@CryptoMichNL) October 26, 2023
Let us evaluate Binance Coin’s current outlook and potential future as enthusiasts await upcoming developments in the crypto marketplace.
BNB price to continue its upsides
Binance Coin traded at $225.26 at this publication, following a recent upswing that saw it overcoming the $200 – $220 region, where it has consolidated for nearly 90 days. The latest buying momentum increase propelled the alt from $210 to $238 between 19 October and 24.
Nevertheless, the rally attracted profit-taking by investors, triggering an approximately 7% dip to current price levels. Continued declines will see BNB retesting the support barrier at $220 as the RSI hits the neutral-50.
That might renew the bullish strength and offer sidelined investors a chance to buy the coin. That may welcome a solid surge to surpass the resistance at $228, potentially extending toward the $253 obstacle. Such a move will lead to a 15% uptick in Binance Coin’s price.
Moreover, Binance auto-burn procedure continues to reduce BNB token supply, which will ultimately boost Binance Coin’s longer-term performance.
While Binance Coin exhibits an upward stance as the broad market flashes bullishness, sudden selling momentum might dent the potential uptrend. Magnified bearishness that drags BNB beneath the crucial support of $220 can catalyze a plunge to the footing at $211.
A 24-hour candle closing under $211 will cancel Binance Coin’s upside narrative, possibly welcoming the $202 lows attained on 9 October.
Nevertheless, enthusiasts should follow broad market developments to gauge BNB’s potential direction in the coming sessions.
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