- Binance Coin price is close to overcoming the EMA cluster resistance, around $215.
- Beyond this level, BNB will face two more resistance levels at $220 and $228.
- A reclaim of the $228 hurdle could potentially kickstart a rally to $252.
- A daily candlestick close below $206.5 will invalidate the bullish thesis.
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.
Also read: Circle intervenes in Binance’s SEC case, argues Stablecoins aren't securities
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.
Read more: US Judge denies SEC request to inspect Binance.US
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