- Binance Coin price eyes a quick 33% upswing if certain bullish conditions are met.
- A bounce off the $308.0 to $319.8 breaker could trigger the aforementioned upswing for BNB.
- A three-day candlestick close below $308 will invalidate the bullish thesis.
Binance Coin price is attempting to explore a high-timeframe range as it nears the extremes of a smaller zone inside. Sidelined buyers can take advantage of this opportunity to accumulate before BNB kick-starts its next move.
Also read: Binance US to delist TRON after Justin Sun fights off arrest rumors, TRX price drops 6%
Binance Coin price needs to satisfy this condition
Binance Coin price has been hovering inside the $218.8 to $338.8 range for nearly a year after suffering a 67% crash in November 2021 and May 2022. As BNB approaches the upper limit of a smaller range, investors need to explore a breakout scenario.
For now, Binance Coin price swept the range high at $338.8 on March 17 before retracing into a bullish breaker, extending from $308.0 to $319.8. This technical formation is a recurring pattern that occurs in the market. It is the last up candlestick between two lower lows. When the asset climbs higher than the said up candlestick and produces a higher high, the breaker is said to be confirmed.
A subsequent pullback of the asset into this breaker is an opportunity to enter a long trade or accumulate. So far, Binance Coin price has tagged this breaker but has failed to kick-start an uptrend due to the underlying market conditions.
A bounce off the bullish breaker could trigger BNB to breakout of the smaller range. In case of a successful flip of the range high at $338.8 into a support floor, should attract buyers, triggering a continuation of the rally to the tag midpoint of the 67% crash at $426.4.
In total, this move would constitute a 33% gain from the current position.
BNB/USDT 1-day chart
While the optimistic outlook for Binance Coin price is based on logical assumptions, things could equally go the other way – if Bitcoin’s dominance continues to increase. In such a case, altcoins are likely going to move sideways or collapse while BTC takes the center stage.
If BNB produces a three-day candlestick close below the bullish breaker at $308, it will invalidate the bullish thesis and potentially trigger a 9% downswing to $278.8. A further spike in selling pressure at this level could knock Binance Coin price down to the $251.5 support floor.
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
Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up
Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme
Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.
Cardano bulls show signs of exhaustion
Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
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.