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

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.


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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout

Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors. 

More Axie Infinity News

Polkadot price ready to breakout after DOT forms double bottom

Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.

More Polkadot News

Bitcoin Weekly Forecast: The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

More Bitcoin News

Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!