Binance Coin Price Forecast: BNB poised for a quick 12% run-up

Binance Coin price digs into the twelve-hour demand zone, extending from $282.73 to $257.74.
A retest of the $274.09 support level inside the demand zone could catalyze a 12% ascent to $310.40.
A daily candlestick close below the demand zone’s lower limit at $257.74 will invalidate the bullish thesis for BNB.

Binance Coin price created a bullish structure shift in the second week of September, which is currently being tested. A resurgence of buyers coupled with a spike in bullish momentum is required for BNB to see its next leg-up.

Binance Coin price teases bears

Binance Coin price has been bouncing off the $274.09 support level since August 2. Although BNB slipped below the said barrier on September 6, a subsequent recovery pushed BNB up by 15% over the next three days.

This move was pivotal in two ways.

It caused BNB to flip the $274.09 hurdle into a support floor.
It created a bullish market structure break, i.e., BNB set up a higher high at $298.48 relative to the August 30 swing high at $291.94.

These developments signal an incoming rally and a potential start of an uptrend. To add credence to this outlook, BNB confirmed the formation of the $282.73 to $257.74 demand zone.

As discussed in the previous article, the pullback is here as BNB currently hovers inside the demand zone. Investors can open a long position here and expect BNB to trigger a 12% run-up to collect the buy-stop liquidity resting above the swing highs at $307.86 and $310.40.

BNB/USDT 12-hour chart

While the bullish outlook makes logical sense, investors should note that the market has been bearish since late 2021. In such a case, a spike in selling pressure should not come as a surprise. If Binance Coin price produces a daily candlestick close below $257.74, it will invalidate the aforementioned demand zone and also the bullish thesis for BNB by producing a lower low.

Such a development could see BNB drop lower and fill the imbalance that extends from $257.74 to $245.01. If sellers drive this move home, Binance Coin price could aim to collect the sell-stop liquidity resting below the $239.40 and $233.71 swing lows.

Note:

The video attached below talks about Bitcoin price and its potential outlook, which could influence Binance Coin price.

Share: Cryptos feed

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.