Binance Coin: This level stands between BNB price and $450
- Binance Coin price faces two significant hurdles at $336 and $358.
- Overcoming these blockades will allow BNB to rally 24% to $450.
- Rejection at the said hurdles will lead to a 14% downswing to $286.
Binance Coin price faces a decision as it knocks on the doors of significantly stacked resistance barriers. Clearing these blockades is the only way BNB can trigger a swift run-up to important levels.
Binance Coin faces decisive moment
Binance Coin price bounced off the $255 support level during the recent sell-off on May 12. This barrier served as a significant source of buying pressure, allowing a quick recovery. As a result, BNB has rallied 51% from the May 12 swing low at $218 and is hovering around $330.
Interestingly, this bounce has slowed down as it approaches the $336 and $358 hurdles for obvious reasons. As investors begin to book profits, the selling pressure increases, causing reduced volatility and bullish momentum.
Therefore, the Binance Coin price needs to produce a daily candlestick close above $358 to reveal a resurgence of buyers. In such a case, the flip of a significant hurdle into a foothold will allow sidelined buyers to step in as well.
Such a development could be key in propelling Binance Coin price by 24% to retest the immediate hurdle at $450.
BNB/USDT 1-day chart
Regardless of the optimistic scenarios outlined above, the Binance Coin price needs to flip the $336 and $358 hurdles. Insufficient buying pressure will lead to rejection which knocks BNB down to the $286 support level.
Here, buyers have another chance to come back. However, a daily candlestick close below this barrier will create a lower low and open the path to $255.
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.
