Share:
  • Binance Coin price is close to a decisive bullish breakout that could trigger a nearly 50% rally.
  • Bulls are in control and have displayed impressive support.
  • Near-term resistance may not hold for long.

Binance Coin price has been one of the few bright lights in the cryptocurrency space over the past two weeks. Despite closing below last week’s weekly candlestick at the open and retracing 10% from the highs, bulls have pushed BNB to an early rally this week with an 8% swing higher.

Binance Coin price is set to outperform its peers, but a close above $450 is necessary to sustain any rally

Binance Coin price action is already testing the resistance level that BNB was rejected against last week: the $450 value area. The $450 value area contains the final and single most extensive collection of resistance for BNB on the weekly Ichimoku chart. The 2022 Volume Point of Control, weekly Tenkan-Sen, and weekly Kijun-Sen all share the $450 value area.

A hypothetical long opportunity exists with a buy stop order at $456, a stop loss at $400, and a profit target at $660. The entry is only valid if the weekly close is at $456 or slightly above it. The profit target is the 61.8% Fibonacci expansion and in range of the prior all-time highs. If enough momentum exists, it is entirely possible that Binance Coin price could extend beyond $660 and make a run towards the 100% Fibonacci expansion at $1,000.

The oscillators support a robust, bullish, expansive move occurring very soon. The Relative Strength Index has maintained a bull market setup, with the final oversold level at 40 holding as the primary support structure in that oscillator. Additionally, the Composite Index was at the third lowest levels in its history for a little over a month and flatlined, creating regular bullish divergence. The Composite Index is poised to create a solid bullish expansion signal with a crossover of its fast-moving average.

BNB/USDT Weekly Ichimoku Kinko Hyo Chart

The hypothetical long entry for Binance Coin price and bullish outlook will be invalidated if there is a weekly close inside the Ichimoku Cloud at or below the $380 value area.

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

XRP price loses its 25% month-long uptrend as Ripple CTO calls buyback proposal a “scam”

XRP price loses its 25% month-long uptrend as Ripple CTO calls buyback proposal a “scam”

XRP price recovery over the month of January has been rather dull in comparison to the rest of the large-cap cryptocurrencies, such as Ethereum and Solana.

More Ripple News

Here is why falling bond prices this Monday are of importance for the Polygon price later this week

Here is why falling bond prices this Monday are of importance for the Polygon price later this week

Polygon (MATIC) price tanked slightly around the US opening bell as markets are still pricing in the turn of events from past Friday on the back of the US jobs report. 

More Polygon News

Will Bitcoin bulls remain in control of BTC price after another volatility-filled week?

Will Bitcoin bulls remain in control of BTC price after another volatility-filled week?

Bitcoin price witnessed a massive rally in January 2023, and sustained above the $23,000 level while facing macroeconomic headwinds. Another week of catalysts could test the resolve of bulls as BTC price remains firmly the two-year lows of the bear market at $22,800. 

More Bitcoin News

Can the bond market sell-off negatively impact Binance Coin price?

Can the bond market sell-off negatively impact Binance Coin price?

Binance Coin (BNB) price must see quite a few crypto traders puzzled this morning when looking at the charts. With several cryptocurrencies slipping lower, the risk is increasing that cryptocurrencies are lagging on the overall market reaction.

More Binance Coin News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP