|

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.

Also Read: Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

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

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

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.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.