- Binance Coin takes a small step back this morning due to some profit-taking.
- BNB bulls hold all the cards as the relief rally is not over yet.
- Expect a pop above $444-$452 with a profit target set at $480 for the moment.
Binance Coin (BNB) price action shot back above the red descending trend line yesterday with a massive relief rally that lifted market sentiment. With that, the downtrend looks to be broken, and an uptrend could be on the cards if bulls can take out the $444-$452 resistance barrier with a triple top formation, the 55-day Simple Moving Average (SMA) and the longer-term pivotal level all coincide in this region. Once through there, expect the next stage to be set for a move towards $480 with the 200-day SMA coming in, returning another 10%.
Binance Coin set for the second phase in the recovery rally
Binance Coin is undergoing some profit-taking this morning after the solid relief rally from yesterday that has lifted market sentiment and saw some decent inflows into markets. On the way up, bulls hit some resistance from the double top from February 08 and January 21 and, in the process, made it a triple top resistance. This, together with the already known $452 and the 55-day SMA coming in at $445, makes it a substantial barrier that will need to be broken to prove that the relief rally still has plenty of juice to go.
Expect thus some profit-taking today, a little bit on the back foot with $419 as support to bounce off back to $445. Some more positive signals coming from the Russia-Ukraine developments could be the needed additional catalyst to push through this difficult barrier. The next target is set at $480, with the 200-day SMA falling in line with that considerable number, resulting in probably the same profit-taking pattern as BNB price action shows today.
BNB/USD daily chart
Overall, the US keeps claiming that the situation in Central-Europe remains precarious and could see an escalation any time now. Once those headlines hit the wires, expect the whole cryptocurrency space to collapse and for there to be a massive pullback from investors, with BNB price falling back initially to $389. Depending on the severity of the attacks, another push lower towards $340 would be the logical outcome and result in BNB price shedding 22% of its value.
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.
Recommended Content
Editors’ Picks

Ripple Price Forecast: Debut of cash-settled XRP futures on CME fails to trigger rally
XRP slides for two consecutive days as sentiment in the broader market remains cautious. In its debut, the XRP futures launch on CME Group’s derivatives platform exceeded $2.4 million in trading volume.

Bitcoin fails to reach all-time high despite building institutional and state support
Bitcoin (BTC) price stabilizes at around $105,200 at the time of writing on Tuesday, just 4% shy of its record peak. The positive narrative builds as JPMorgan CEO Jamie Dimon said the bank will let clients buy Bitcoin on Monday.

Aave targets $300 following the protocol’s deployment on Aptos, rising open interest
Aave’s rally is testing the $270 resistance, fuelled by growing optimism for a push beyond $300. Aave v3 protocol’s deployment on Aptos marks a new era for cross-chain crypto lending.

Cardano Price Forecast: ADA on the verge of correction as momentum weakens
Cardano price hovers around its key support at $0.72 on Tuesday; a close below could trigger a correction. On-chain metrics support a bearish thesis as ADA daily active addresses and DEX trading volume are falling.

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.