These technical indicators paint a positive picture for Binance Coin price
|- Binance Coin price remains subdued and the new monthly pivot has its work cut out as support.
- BNB price’s consolidation slightly favours bulls.
- Expect to see a pop higher above $336.5 towards $360.
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.
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.