- BNB price action signals bullish turbulence.
- Binance Coin price is rising under low volume.
- Invalidation of the downtrend scenario is a breach at $375.
Binance Coin price appears to be retracing in a zig-zag fashion, which could cause a steep decline back to $217.
Binance Coin price is in a critical spot
Binance Coin price seems to be one of the only cryptocurrencies creating a distinct pattern from the rest. Binance Coin price has been trending upwards, printing small bullish candlesticks within the uptrend. The small-bodied candles are not equal to or greater than the bearish candles that sent BNB into the downtrend towards $217. This could be early evidence that the current uptrend progression for BNB is taxing investors behind the scenes.
Binance Coin price currently ascends within a parallel channel at $327. If the bulls cannot create bullish price action above the channel, the entire uptrend since May 19th at $290 will be viewed as a corrective rally. The bears, aware of this scenario, could attempt to send the BNB price back to the origin point of the trend channel and potentially further into $270 and $250 if intraday traders catch hold of the bearish momentum.
BNB/USDT 1-Day Chart
Invalidation of the bearish uptrend lies at $375. If the bulls can successfully tap this level, they could conquer the macro trend and potentially send prices as high as $465, resulting in over a 40% increase from the current BNB price.
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
China coin narrative in play as Coinbase CEO warns of restrictive US crypto policies
Brian Armstrong, CEO and co-founder of cryptocurrency platform Coinbase, shared his thoughts on restrictive US crypto policies in an opinion editorial published by Market Watch on Tuesday.
Ethereum holders pull $1 billion in ETH off exchanges hinting retail-led rally
Ethereum holdings in exchange wallets declined by $1.04 billion between May 8 and May 31. Interestingly, while large wallet investors have shed their Ether holdings, the altcoin got redistributed to addresses with less than 1 ETH.
Dogecoin price action hints DOGE can reverse its bearish trend
Dogecoin (DOGE) price presents a potential for trend reversal provided a certain set of conditions are met. These conditions involve overcoming key hurdles for DOGE bulls and seeing momentum indicators flip bullish on lower time frames.
PEPE price to drop another 15% as altcoin winter is only halfway finished
PEPE price is feeling the frost and cold of the altcoin winter that continues with some notable slides in price valuation in the altcoin space. After price action dropped below $0.0014700, traders must have understood that a turnaround would only occur at a high supportive level.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.