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.

Akash Girimath FXStreet

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.

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.

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.