Binance Coin Price Forecast: Assessing chances of BNB revisiting $360
- Binance Coin price failed to overcome the $319 hurdle, leading to a 10% drop.
- This pullback has allowed the bullish momentum to reset around 50, allowing buyers another chance at an upswing.
- Failure to push higher could result in BNB shedding 11% and tagging the $255 support level.
Binance Coin price lacked momentum last week as it attempted to overcome a crucial hurdle. As a result of bullish exhaustion, the altcoin slid lower, allowing bulls to recuperate. This development has allowed buyers another chance to push BNB higher. A failure to take control at this juncture could result in a steep correction.
Binance Coin price and its woes
Binance Coin price slid below the $255 support level on November 21 to collect the sell-stop liquidity. As a result of this move, BNB kick-started a 27% upswing in the next five days. This quick run-up encountered the $317 hurdle and failed to overcome it.
As mentioned in the previous article, the attempt on November 26 was the third attempt from Binance Coin price. Due to the failure, BNB has already shed 10%. While the outlook might seem bearish at first sight, the Relative Strength Index hints at an opportunity. This pullback in the popular momentum indicator has hit 50, revealing that the momentum has reset.
So, buyers now have a chance to push Binance Coin price higher and attempt a flip of the $319 hurdle. A successful move could allow BNB to rally another 6%, where it will face another resistance level at $336. Beyond this, Binance Coin price will need to encounter the $358 blockade.
BNB/USDT 1-day chart
While things are not looking up for Binance Coin price, investors need to pay attention to the RSI. If the momentum fails to stay above 50, it will indicate that a further downtrend is likely. In such a case, BNB could revisit the $255 support level,
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
