- 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.
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