BNB price to return to $400
|- Binance Coin is at the cusp of booking a +10% profitable trading day.
- BNB price is set to retrace at least half of the incurred losses.
- If bulls can push price action above the green ascending trendline, expect to see a pop higher towards $400.
Binance Coin (BNB) price is on a tear this morning as price action is rallying 10% already during the ASIA PAC session. Bulls are using a window of opportunity with the dollar trading sideways and equity markets in Europe, booking multiple percentage gains across the board. With that risk-on sentiment and no movement from the dollar, bulls have a window of opportunity to reverse the price action from its downtrend and regain ground up to $400.
BNB price sees RSI pulling back, holding 35% gains
Binance Coin price sees bulls fighting back with a vengeance this trading day as both the ASIA PAC and the European trading session look to tie up with solid gains made after the downbeat trading weeks beforehand. The return should trigger a sigh of relief amongst investors as the tipping point was nearing for investors to back away from cryptocurrencies in full. With that turnaround, expect to see investors come back and jump on equities and cryptocurrencies to be part of the recovery rally.
BNB price is thus set for a 35% gain with the first hurdle, the green ascending trend line, that acted as the backbone for the uptrend since June of last year. If bulls can consolidate price action above there, a continuation of the uptrend is fixed and should see a pop to $400, where bulls will want to wait and build momentum after profit-taking occurs. The reason for this is that the 55-day Simple Moving Average (SMA) and the monthly pivot are capping the price action at around $406.
BNB/USD daily chart
Although it looks as if sentiment has changed overnight, this could merely be some decompression before the next phase in the financial market's conditions tightening. Once another round of dollar strength kicks in and equity markets are dropping like a stone, expect to see BNB price fully retrace the gains from today and even dip further. The support to watch for looks to be around $212.50, composed of the low of May 05, 2021, and the rebound on May 23, 2021.
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