• 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.

 

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