These technical indicators paint a positive picture for Binance Coin price

Binance Coin (BNB) price is in consolidation mode, printing lower highs and higher lows for the trading session. To preserve last week’s gains, the new monthly pivot for June at $313.80 will need to step up its game and provide robust support. Expect to see a test and bounce off this pivot and a swing back higher, breaking above $336.50, and afterwards a rally towards the intersection with the green and red trend line at around $360.

BNB price is set to start the new month with at least 15% gains forecast

Binance Coin price has been forming a triple top with price action capped at $324.00. The pattern’s lows are getting higher, however, indicating bears are getting squeezed. Expect to see a breakout soon, certainly if the new monthly pivot at $313.80 can immediately show its strength and provide plenty of support, refraining BNB price from tanking. 

BNB Price is thus set to swing back up and hit $336.50, with, once it breaks above, plenty of areas to rally another few dollars. A target looks set at around $360 where the red descending trend line from the downtrend intersects with the green ascending trend line since the beginning of May. As these two trends converge, expect to see a breakout to the upside as the hot crypto summer gets underway.

BNB/USD daily chart

Since Monday, the dollar has made a bit of a comeback against several currencies, as well as for cryptocurrencies. This dollar strength, when continued, could start weighing again on cryptocurrencies overall and could see a global sell-off again within the crypto asset class. That would mean a leg lower for BNB price, which could see it break below the new monthly pivot and slip towards $290.