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Binance Coin Price Prediction March 2022: Will BNB Reach $600 in March?

Binance Coin Price Prediction March 2022: Will BNB Reach $600 in March?

BNB Technical Analysis – March 2022

The price of Binance Coin (BNB) hit as high in the bull run of November, where it reached as high as $670. After that, the market started going down, including the likes of BTC and BNB. the price declined by around 25% by the end of the year, entering the new year with bearish momentum.

In 2022, BNB continued to decline, as the price went to as low as $335. This decrease marked a 37% decline in less than four weeks, which was relatively a lot considering the large market cap that Binance Coin has. 

In the last week of January, BNB entered a consolidation phase. It entered February with a bullish breakout of more than 20%, hinting at a possible trend reversal. Nonetheless, the price failed to break resistance at $445 on two occasions, which was then followed by another dip of more than 25%.

After finding support at $350. Despite the wick of the daily candlestick going further below that. While the lower trend line was broken when looking at the long-term trend, the price immediately recovered by more than 30% to close above that trendline.

When looking at the longer-term chart, we could observe a triangle pattern formed from the recent upper trendline and the long-term supporting trend. This could eventually lead to a breakout in the price of BNB. Considering that the current momentum is fear-dominated for BNB traders, we may see a move upward in the price of Binance Coin.

Binance Coin (BNB) monthly Price Analysis
BNB/USDT 1-Day Chart

Key Structures

Support

  • $350

Resistance

  • $425

Indicators

Moving Average

The 50-MA of a 10day chart has now moved below the price of BNB, meaning that the price could now be bullish in the longer run. The same can be said for the 20-MA of a 1-day chart, which indicates that the price could increase in the coming weeks.

The 9-EMA of a 1-day chart is also below the price, suggesting that the price may increase in the coming days and that the EMA line could act as support to the price of BNB.

Relative Strength Index

The RSI of a 1-day chart has recovered recently, after going close to the oversold region. Currently, the RSI is above 50, meaning that the buying pressure has increased but that there is still room for growth.

Binance Coin (BNB) RSI.
BNB/USDT 1-Day Chart RSI.

MACD

The MACD line of a 1-day chart is now above the signal line, meaning that the momentum is bullish. Moreover, the MACD line could now move above the baseline, which would see BNB reverse the trend in the 1-day chart.

Binance Coin (BNB) MACD
BNB/USDT 1-Day Chart MACD

Fibonacci

The Fibonacci retracement levels suggest that the price of BNB could retrace in the coming days after failing to close above the upper trend line. The price could retrace to either the 38.2 or the 61.8% level. Both of these levels correspond with previous structures that proved strong throughout February. If that occurs, we could see BNB head further higher.

BNB/USDT 1-Day Chart
BNB/USDT 1-Day Chart Fibonacci Levels.

Price Prediction BNB  – March 2022

Based on this technical analysis on Binance Coin (BNB), the price of BNB could initially retrace in the coming days. After that, if BNB finds support at our projected structure, we could see a bullish breakout for Binance Coin. The price could move above $450 in the short run. It may continue to $500 as the momentum builds up. Furthermore, we might eventually see BNB surpass $500 in March, other things equal. Of course, we should take into account other market factors, such as the price movement of BTC.

Latest News for BNB – Affecting Price

While the conflict between Russia and Ukraine has also aggravated the situation in the crypto market, BNB managed to have another surge in the price. Recently, people started to donate cryptocurrencies to Ukraine for helping them overcome this difficult situation. Even though a large number of withdrawals could lead to a dip in the price, people are starting to realize how convenient cryptocurrencies can be as a means of payment at times of war.

The Binance exchange has also decided to follow other financial institutions when it comes to sanctions, especially against the likes of Russia. This makes Binance differ from some of the other exchanges who refrain from making decisions based on what other financial institutions do. However, they may not ban every Russian user, but mainly the ones who are on the sanctions list.

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