Binance Coin Price Forecast: BNB buying opportunity before $400
- Binance Coin price faces the MRI’s resistance level at $322, which is close to the range high of $337.
- Investors can expect a slowdown of the weekly candlestick that has registered nearly 24% gains this week.
- A swift rejection could see BNB revisit the $300 psychological level.
- A weekly candlestick close that flips the range high of $337 could be hinting at a potential retest of $400.
Binance Coin (BNB) price shows no signs of slowing down after rallying nearly 24% this week. This massive uptrend could slow down soon as BNB approaches key weekly hurdles.
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Binance Coin price faces a tough decision
Binance Coin price has registered a 24% rally this week, rallying from $264 to $327, where it currently trades. BNB currently tugs with the Momentum Reversal Indicator’s (MRI) resistance level at $322. Additionally, the Binance-based altcoin will face the range high at $337, which has been a key hurdle since it was first formed in May 2022.
So far, Binance Coin price has been rejected from this level ten times. Due to the nature of this barrier, a small pullback is likely here. Hence, investors need to be prepared for a potential pullback to the $300 psychological level.
This move would allow sidelined buyers to accumulate more BNB. The resulting buying pressure, if it can flip $337 into a support floor, could kickstart the next leg up to $393 or the $400 psychological level. This move from $300 to $400 would constitute a 30% gain for patient buyers.
Read more: CFTC settles with Binance CEO imposing $150 million fine; penalizes exchange for $1.35 billion
BNB/USDT 1-week chart
On the other hand, if Binance Coin price fails to hold around $300 during a potential pullback, it would be a bullish failure to defend a key level. If BNB flips the range’s midpoint at $260, it will invalidate the bullish thesis.
This development could see Binance Coin price consolidate in the lower half of the range and potentially sweep the range low at $183. Such an outlook is possible if Bitcoin price faces a 10% to 20% pullback.
Also read: Sec hasn't met legal requirements to sue, Binance says in latest bid to dismiss lawsuit
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.
