Will Binance Coin price shed 20% or recover above this key level?
- Binance Coin price is at an inflection point as it trades around $322.
- A 20% move in either direction is possible for BNB depending on which structure is breached.
- Considering the macroeconomic events scheduled up to May 10, investors need to be cautious of the volatility.
Binance Coin price has been winding up tightly as it trades around its range highs. The market conditions have made it so that the volatility has dried out for most altcoins. As a result, BNB awaits a breakout, which will determine where it will head next.
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Binance Coin price ready to make a move
Binance Coin price created the $183 to $337 range between May 22 and June 18 of 2022 and has been trading inside it ever since. After more than five failed attempts to breach the range high at $337, BNB is currently coiling up below it.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) are both hovering above the mean level with no discernable signs of directional bias.
With the Fed’s interest rate decision and the conference scheduled for May 3, the consolidation could resolve, giving Binance Coin price a path to move forward. In case of a hawkish stance from the Fed, BNB could crash 12% and tag the immediate support level at $286, but in a dire case, it could retest the subsequent structure at $260.
This move would constitute a 20% slide for Binance Coin price.
BNB/USDT 1-day chart
On the other hand, if Binance Coin price picks up steam due to the Fed’s decision, it needs to overcome the range high at $337 and then $358. If these two hurdles are flipped into support , BNB could set the stage for an extended rally.
This development could see Binance Coin price rise 20% and tag the $432 barrier.
Author
Akash Girimath
FXStreet
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.
