- Binance coin price is already up 13% for the week, as tailwinds emerge late Monday.
- BNB price could be set up for an additional 14% gain throughout the week.
- Expect current caps to hold as markets detox a bit from dollar strength.
Binance coin (BNB) is flipping its course and is pulling a 180 on markets as tailwinds emerged late Monday evening near the end of the US trading session. With price action being supported by tailwinds from the equity markets, several components within financial markets are relaxing a little bit after an extended period of pressure and dollar strength. With this deflation comes a period of easing in which cryptocurrencies get the chance to rally, putting up some nice returns for traders in the short run.
BNB price set up for a profitable week near-term
Binance coin price was no different from other cryptocurrencies held to ransom by the dollar strength that kept a firm grip on several asset classes like equities and bonds in financial markets. Several asset classes seem to be coming off a bit from their expanded levels as the dollar weakens, opening up room for breathing. With this, cryptocurrencies and equities have some room to rally, and traders are jumping at the opportunity in full force.
BNB price thus could see some severe underpinning of its price action with no real fades nearby as traders will want to use this limited window of opportunity before the dollar strength kicks in again. With already 13% on the docket, and another 14% in the prospect, the rally looks to be half done as $300 nears. Once popping back above that level, another $28 is up for grabs towards $328.80, where the 200-day Simple Moving Average (SMA) will act as a price cap again as it did on August 10 and 11.
BNB/USD Daily chart
Risk to the downside comes with the fact that a floor has been identified around $272, where price action bounced previously. In case no new highs can be printed, the risk could be that the price simply keeps bouncing as it makes lower highs. This points to a possible break as bears use the moves to sell the rally and eventually pierce through the base level at $272, to drop to $220.
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
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.