Binance Coin Price Prediction: If BNB rallies 20%, this is how it would do it
- Binance Coin price has been stuck in the $216 to $337 range for nearly two years.
- Investors can expect a retest of $277 to potentially trigger a 20% upswing that retests range high of $337.
- A breakdown of the $227 could see BNB revisit the $252 weekly support level.
Binance Coin (BNB) price has continued to range within two key levels for nearly two years and has shown no signs of breaking out yet. However, traders can find many opportunities to generate profits within the range.
Also read: Binance freezes $4.2M in XRP tokens stolen from Ripple executive's wallet
Binance Coin price to take another jab at range high
Binance Coin price created the $216 to $337 range in May 2022; since then, BNB has traded within it. The three-day imbalance, extending from $276 to $285, sits just above the range’s midpoint of $277.
Investors can expect BNB to retrace further lower, rebalancing the aforementioned imbalance and sweeping the $277 support floor. This move would push both the Relative Strength Index (RSI) and the Awesome Oscillator (AO), which are in bullish territory, to tag their respective mean levels of 50 and 0.
This development could allow bulls to refuel for the next run-up.
In such a case, Binance Coin price could restart the upswing and tag the range high of $337. This move would constitute a 20% gain from $277.
BNB/USDT 3-day chart
While the outlook for Binance Coin price is bullish, it is contingent on BNB bouncing off the midpoint. In case the buying pressure fails to produce this move, it could trigger a breach of the $277 support level, invalidating the bullish thesis.
This development could trigger an 8.50% correction to the next key support level at $252.
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.
