Binance Coin Price Forecast: BNB needs to breach this crucial supply barrier to set up record levels again


  • Binance Coin price shows a short-term rejection around the supply zone’s upper layer at $594.32.
  • A close above the said level is a must if BNB bulls want to scale to new highs.
  • Supply distribution shows that whales holding between 100,000 to 1,000,000 BNB are accumulating.

Binance Coin has seen a massive downfall after recently erecting new all-time highs. Now, BNB stands to retest this level and perhaps set up new ones shortly.

Binance Coin price at critical level

Binance Coin price hit a new high of $638.56 on April 12 and retraced nearly 33% since then. After finding support at $428, BNB has created two higher highs and is now on the verge of toppling a supply zone that ranges from $556.40 to $594.32.

If successful, Binance Coin price will retest the local top after a 7% surge and target a leg-up to the 127.2%, 141.4% and 161.8% Fibonacci extension levels at $695.84, $725.74 and $768.69, respectively.

BNB/USDT 4-hour chart

BNB/USDT 4-hour chart

Supporting the bullish narrative is the addition of two new whales holding 100,000 to 1,000,000 BNB. This 5.3% increase indicates that these investors are optimistic about BNB price performance in the near future.

BNB supply distribution chart

BNB supply distribution chart

Whale transaction count is a metric that tracks transactions worth $100,000 or more. A surge in this metric serves as a proxy to high net worth individuals’ investment interest and is often followed by a spike in the market value. 

At the time of writing, the count of such transactions increased by 275% since April 20, painting a bullish picture for BNB.

BNB whale transaction count chart

BNB whale transaction count chart

While the upside scenario seems straightforward, it is dependent on the breach of the said supply zone. A potential spike in selling pressure that leads to a decisive close below $550 will invalidate the bullish thesis.

Under these conditions, Binance Coin price could slide 9% toward the upper band of the demand zone at $508.96.

If sellers persist, $470.20 can likely be retested as well.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano gains to diminish as 16% correction awaits

Cardano price is on the precipice of starting a downtrend after a recent minor sell-off. ADA looks to slide toward a key demand barrier that separates bullish from bearish. The sellers could trigger ...

More Ripple News

UBS to offer crypto investments to wealthy clients as demand soars

UBS Group is in the early stages of planning to offer its rich clients cryptocurrency investments. The Swiss banking giant joins a handful of US firms looking to offer broader access to digital assets as demand soars.

More Cryptocurrencies News

VeChain Price Forecast: VET lacks buyer commitment, as price action remains cryptic

VeChain price has orchestrated an ascending channel since the April 23 low, revealing few hints of direction. The ambiguous price action should keep traders on the sidelines until there is a clear resolution of the channel, but the overall bias is tilted to the downside.

More VeChain news

XLM price fades as Stellar briefly strikes an all-time high

XLM price has staggered higher, beginning in April with a marginal new high, then today’s brief spike into new highs. The failure of XLM price above the topside trend line resistance and the 461.8% Fibonacci extension of the 2019-2020 bear ...

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP