NBB’s price forecasts show that the crypto asset is currently experiencing a slowdown in its bullish momentum after jumping 16%.
A near-term rise to $530 or lower would attract a new wave of buying pressure.
A resistance zone between $570 and $605 is all that stands between the Binance coin and a new all-time high.
Over the past 24 hours, the price movement of the Binance coin has shown signs of slowing down on the upside. The number of buyers of the crypto asset seems to be dwindling as Binance Coin approaches a critical resistance level. Right now, crypto asset owners should expect the price to fall back to the closest support before rising again.
NBB price forecast: Price Overview
The start of today’s trading was greeted by a crypto asset that was exhausted in its quest to break through the $1,000 barrier. According to the Momentum Reversal Technical Indicator (MRI), Binance Coin is showing a red candle in its 12-hour price movement. This signal predicts a correction of 1 to 4 candles. This means that investors should be prepared for a slight decline in prices in the near future.
While this may seem like bad news, this price drop will put pressure on buyers in the short term and allow them to increase their holdings of Binance Coin at a discount. This will put it in a favorable position for the next move higher, which seeks to bypass the $630 price zone. If the cryptocurrency closes the day above the $600 area, Binance Coin will find itself in the opening phase, which could allow traders to push it towards the 160 percent Fibonacci extension level around $700.
Price movements in NBBs over the last 24 hours
One of the many technical indicators supporting the expected decline and strong price recovery is Santiment’s 30-day market value to realized value (MVRV) ratio. This technical indicator is used to track the average profit or loss of a trader who has bought a crypto asset in the last 30 days. MVRV is currently around 6%, but historical data shows that BNB could peak locally around 20%. This suggests that the price of crypto assets still has room to grow.
Moreover, the daily active address indicator gives confidence in the bullish sentiment of Binance Coin. This metric is used to determine the current state of ownership of cryptocurrencies. A higher number of active addresses means the crypto currency is bullish, while a lower number means the opposite. Binance Coin is currently experiencing the effects of a 60% reduction in inactive addresses. Between April 20 and 27, the number of addresses on Binance Coin dropped from 313,000 to 130,000. This sharp decline indicates a bearish outlook as it shows investors fleeing crypto assets. This can be done for profit or to redistribute funds.
NBB 4-hour chart
At the time of this writing, the Binance coin is worth about $546. While a short-term price decline seems inevitable, investors should keep a close eye on the magnitude of the decline. If the crypto asset drops below $470, all bullish narratives will collapse.
The Binance Coin network recently announced on its social media platforms its decision to discontinue deposits and withdrawals processed through the OMNI blockchain platform. This will have an impact on the price of Binance Coin in the near future.
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