Binance Coin price is on the road to recovery and the prospect of a 5% gain

Binance Coin price recovers during the European trading session.
BNB breaks back above the monthly S1 support level and heads higher.
Should BNB break above the red descending cap, expect to see a quick sprint to $320 this week.

Filip Lagaart FXStreet

Binance Coin (BNB) price is heading higher this Monday after a failed string of tests at the topside and a breakdown in the ASIA PAC session on Monday morning. With price action already above the monthly S1, it means that bulls are resilient and willing to go the extra mile to get some gains out of this trading week. The Relative Strength Index (RSI) proves that bulls have been buying and are bound to head to $320 with a least a 5% gain for this week's projection.

Binance Coin bulls are vying for a breakout

Binance Coin price is heading higher and is flirting with another test and possible break above the short-term red descending trendline. Over the weekend, the bulls already tried relentlessly and failed on several occasions. With a rejection on Monday morning, price action briefly slipped below the monthly S1 and flirted with $304 on the downside.

BNB saw a knee-jerk reaction in the European session on Monday unfold as bulls bought the dip regardless and looked to advance higher again for that test. This time that test could be proven successful with a break above the red descending trendline near $310. Once that opens up, expect a massive influx of more bulls with a rally toward $320 by the end of this week in this plain and simple breakout play.

BNB/USD 4H-chart

Another rejection on the topside would hurt even more though. In that case bulls would start to offload their positions as clearly the red descending trendline is proven too big a hurdle to overcome. Look at $304, because once that level starts to crack, a quick drop to $300 is inevitable.

Author

Filip Lagaart

FXStreet

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

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