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Binance Coin price ready for a quick 15% upswing

  • Binance Coin price shows a rangebound setup, hinting at a minor uptrend.
  • Investors can expect BNB to rally at least 15% to collect the buy-stop liquidity above $432.
  • A daily candlestick close below the range low at $336 will invalidate the bullish thesis for BNB.

Binance Coin price is hovering inside range awaiting the incentives to push higher. A quick bounce off the immediate support level could provide the oomph to move higher and collect liquidity resting above equal highs.

Binance Coin price at inflection point

Binance Coin price is stuck trading inside a range that extends from $336 to $448 since it was first formed in late January and early February. Rangebound price action is simple to trade for obvious reasons - the ceilings and support levels are well established and the price often sticks to the range.

Usually, the asset sweeps one side of the range to collect liquidity, which is followed by a quick recovery and a sweep of the opposite range. This price action could either continue or the asset establishes directional bias and trends in the winning direction.

For Binance Coin price, the range low at $336 was first swept on February 25, which triggered a 42% rally that moved above the range high at $448. Due to the brittle nature of the market and brutal volatility, BNB has dropped 19% and is currently dipping into the $359 to $377 demand zone.

A bounce off this barrier is likely to trigger a 15% upswing with buy-stop liquidity targets above the equal highs at $413 and $432, respectively. In some cases, the uptrend could extend all the way to the range high at $446.

This move would constitute an 18% upswing and is likely where the upside is capped for the short-term duration. 

BNB/USDT 1-day chart

BNB/USDT 1-day chart

A daily candlestick close below the range low at $336 will invalidate the bullish thesis for Binance Coin price by producing a lower low. In such a case, BNB could crash 5% to retest the $319 support level.

Author

Akash Girimath

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.

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