Binance Coin Price Prediction: BNB locks in on $600 as it bounces off crucial support level
- Binance Coin price is ricocheting off the $449.53 support level, hinting at the start of a new uptrend.
- A successful breach of $517.17 will confirm the resurgence of buyers and the start of a new rally.
- If BNB breaches below the $434.10 demand barrier, it will invalidate the bullish outlook.
Binance Coin price struggled with its uptrend as it encountered a massive resistance level. Failure to stay afloat dragged BNB lower, where it currently retests a support barrier. Investors can expect a comeback from the buyers, pushing the altcoin higher.
However, considering the big crypto’s choppy market structure, Binance Coin could kick-start a consolidation phase if it fails to reclaim the said resistance barrier.
Binance Coin price ready for a new uptrend
Binance Coin price rose 15% between August 21 and 26 as it sliced through the $517.17 resistance barrier. However, the bulls failed to sustain the upswing and were met with investors booking profit, which eventually led to a 13% retracement.
BNB is currently retesting the $449.56 support level, and buyers could make a comeback here, triggering a new impulse move.
In some cases, this uptrend could start at the $434.10 demand barrier. Either way, Binance Coin price is likely to climb 27%, shattering the $517.17 resistance barrier and make a run at the $571.32 level.
In a highly bullish case, the rally could extend up to $603.88, constituting a roughly 34% upswing.
BNB/USDT 1-day chart
While things seem to be going well for Binance Coin price, a $449.56 support level breakdown will indicate a potential weakness among buyers.
A decisive close below the subsequent demand barrier at $434.10 on the 1-day chart will set up a lower low and invalidate the bullish outlook. In such a case, BNB might crash to $407.83 and $378.16.
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.
