Binance Coin Price Prediction: BNB struggles will end after reclaiming $228

Binance Coin (BNB) price has been in a tight consolidation for nearly six weeks. But the range tightening could end soon, potentially allowing bulls to take over and attempt to flip multiple hurdles standing in their way. 

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Binance Coin price needs to struggle more 

Binance Coin (BNB) price has produced three higher lows since August 22, leaving sell-side liquidity below it. BNB currently trades around $215, where it needs to overcome the 15-day, 25-day and 30-day Exponential Moving Averages (EMA), which converge around $215 as well. 

An uptick in buying pressure that propels BNB to overcome the EMA cluster will open Binance Coin price to target two critical resistance levels – $220 and $228. These two barriers were selling climax points on June 12 and 10, respectively. 

Overcoming the $228 level will give bulls free rein up to the next key hurdle at $252. But investors need to be aware of the four-hour 200-day EMA, which is likely to pose a strong resistance. Investors that open long positions should consider booking profits when Binance Coin price encounters this hurdle. 

BNB/USDT 1-day chart

The outlook for Binance Coin price is bullish and is contingent on the reclaim of the $228 level. But a failure to push higher would indicate that the buyers are not ready. In such a case, BNB could slide lower due to panic selling. 

If this move knocks Binance Coin price to produce a daily candlestick close below $206.5, it will create a lower low and invalidate the bullish thesis. This development could see BNB collect liquidity resting below the swing lows formed around the $203 level. 

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