|

Binance Coin: This level stands between BNB price and $450

  • Binance Coin price faces two significant hurdles at $336 and $358.
  • Overcoming these blockades will allow BNB to rally 24% to $450.
  • Rejection at the said hurdles will lead to a 14% downswing to $286.

Binance Coin price faces a decision as it knocks on the doors of significantly stacked resistance barriers. Clearing these blockades is the only way BNB can trigger a swift run-up to important levels.

Binance Coin faces decisive moment

Binance Coin price bounced off the $255 support level during the recent sell-off on May 12. This barrier served as a significant source of buying pressure, allowing a quick recovery. As a result, BNB has rallied 51% from the May 12 swing low at $218 and is hovering around $330.

Interestingly, this bounce has slowed down as it approaches the $336 and $358 hurdles for obvious reasons. As investors begin to book profits, the selling pressure increases, causing reduced volatility and bullish momentum.

Therefore, the Binance Coin price needs to produce a daily candlestick close above $358 to reveal a resurgence of buyers. In such a case, the flip of a significant hurdle into a foothold will allow sidelined buyers to step in as well. 

Such a development could be key in propelling Binance Coin price by 24% to retest the immediate hurdle at $450.

BNB/USDT 1-day chart

BNB/USDT 1-day chart

Regardless of the optimistic scenarios outlined above, the Binance Coin price needs to flip the $336 and $358 hurdles. Insufficient buying pressure will lead to rejection which knocks BNB down to the $286 support level.

Here, buyers have another chance to come back. However, a daily candlestick close below this barrier will create a lower low and open the path to $255.

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.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.

Cardano struggles to extend gains as retail interest wanes despite Midnight's NIGHT token launch

Cardano ticks higher after a bearish weekend, struggling to extend an upcycle within a descending wedge pattern. On-chain data shows an increase in trading volume and user activity after the Midnight side chain token launch.

Crypto Today: Bitcoin, Ethereum recover as XRP remains supported by ETF inflows

Bitcoin is trending up toward the pivotal $90,000 level at the time of writing on Monday, which marks four consecutive days of gains. Altcoins, including Ethereum and Ripple, are also rebounding above key short-term support levels.

Bitcoin nears $90,000 as recovery hopes clash with institutional outflows

Bitcoin is approaching the $90,000 resistance level at the time of writing on Monday, raising hopes of a short-term recovery. However, the bullish recovery is being challenged by weakening institutional demand, as evidenced by outflows from Spot ETFs.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.