- Binance Coin price shows a recent formation of a twelve-hour demand zone, extending from $282.73 to $257.74.
- A bounce off this demand zone could trigger a 10% run-up to $310.
- A daily candlestick close below $257.74 will invalidate the bullish thesis for BNB.
Binance Coin price shows a clear bullish development that hints at an upcoming rally. Therefore, investors can wait for the pullback to hop on the next leg-up.
Binance Coin price foresees its next move
Binance Coin price crashed below the $274.09 support level on September 6 by dropping roughly 6%. This move, while bearish, was the end of the selling pressure and was followed by a surge in buyers that led to a reversal and pushed BNB up by 15% over the next three days.
As Binance Coin price rallied 15% from the $257.74 swing low, it also set a swing high at $298.48. This bullish move also shifted the market structure by producing a higher high relative to the August 30 swing high at $291.94. This development confirmed the formation of the $282.73 to $257.74 demand zone.
Although Binance Coin price is likely to pull back, the sellers will most likely be absorbed due to the aforementioned demand zone. Hence, a minor pullback to $280 could be followed by a 10% run-up to collect the buy-stop liquidity resting above $310.40.
BNB/USDT 12-hour chart
On the other hand, if Binance Coin price produces a daily candlestick close below $257.74, it will invalidate the demand zone and hence bullish thesis for BNB by producing a lower low. This development could lead to BNB filling the imbalance that extends from $257.74 to $245.01.
If sellers take control, Binance Coin price could sweep the $239.40 and $233.71 swing lows to collect the sell-stop liquidity resting below them.
Note:
The video attached below talks about Bitcoin price and its potential outlooks which could influence Binance Coin price.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP price extends losses on Tuesday, risks decline below support at $0.60
XRP price dropped closer to its psychologically important support level at $0.60 on Tuesday amidst a steep correction in the crypto ecosystem. Most of the top 30 cryptocurrencies by market capitalization have noted a decline in their prices on March 19.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market crashes. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late. AVAX’s good fortune comes ahead of the Game Developers Conference.
Bitcoin price shows weakness, but new BTC whales have created solid support at $56,400
Bitcoin downside momentum strengthens, giving sidelined and late bulls a chance to buy the dip. The market remains focussed on the oncoming halving, expected to kick off the next bull cycle.
Crypto AI token rally persists, ignited by NVIDIA AI conference
NVIDIA AI conference, starting on Monday, is considered a key AI event as market participants await the unveiling of the next AI chip, B100. NVIDIA’s influence extends to the mining sector in crypto as its chips are focused on high-performance GPUs.
Bitcoin: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13. Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.