Binance Coin Price Prediction: BNB needs to shatter this barrier for 35% gains
- Binance Coin price is consolidating for nearly two weeks with no sign of a directional bias.
- A decisive close above $530.38 will signal the start of a 35% uptrend.
- If BNB shatters the $449.56 support level, it will invalidate the bullish thesis.
Binance Coin price rallied explosively up to August 23 but lacked the momentum to overcome investors booking profit. This development led to the start of a consolidation phase, which will likely lead to a massive explosive rally if it manages to breach a crucial support level.
Binance Coin price is one step away from a huge upswing
Binance Coin price rose roughly 33% from August 18 to August 23 and set a swing high at $510.85. This uptrend marked the start of its approximately two-week consolidation phase below the resistance level at $530.38.
Investors can expect this coiling up to build momentum to slice through the supply barrier mentioned above. A decisive close above $530.38 will eliminate any hindrance up to $606.70.
If the buying pressure continues to build up, BNB could shatter $606.70 and make a run at retesting the last resistance level at $671.17 or even take a jab at the all-time high at $693.4.
The run-up from the current position to $671.17 would constitute a 35% upswing.
BNB/USDT 1-day chart
Regardless of the optimism around Binance Coin price, if the consolidation fails to mow through the immediate resistance level at $530.38, it will indicate a weak buying pressure.
In such a case, investors can expect BNB to head lower toward the support barrier at $449.56, a breakdown of which will set up a lower low and invalidate the bullish thesis.
In some cases, BNB could even retest the range high at $434.1.
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.
