James Atkins
Editor
Editor
Binance Coin (BNB) has been exhibiting sluggish price movement recently. The coin has mostly remained stagnant. Although there is still potential for growth if it can break through two critical resistance levels. Here’s what you need to know:
Shortly, Binance Coin may reach $450. The coin has been suppressed for weeks now. There was even a brief moment when it dipped beneath $300. However, there appears to be a way to $450, but two significant hurdles must be overcome first.
The first hurdle Binance Coin (BNB) is currently facing is $435. BNB has already retested this level and failed multiple times in the past. However, if BNB can close above this level, it could signal further upside potential.
The second resistance is the $336 mark. Binance Coin is presently about 10% away from this level. If the market shows a more robust bullish movement tomorrow, the coin may close the week higher than $336.
The following barrier, however, will be the most significant. BNB will need to accumulate enough momentum for it to recapture
However, we do not think the coin has enough upward momentum to reach $358. Instead, it will likely test $336 before falling once more towards $310.
There is also some downside potential to note. If indeed the price continues to move sideways and fails to make any decisive run towards $336, BNB could eventually tank to $286.
At the time of writing, Binance Coin was trading at $334.82. Binance’s native token has seen a slight uptick over the past few days.
But has still been unable to break out of its symmetrical triangle formation. BNB is currently trading right at the apex of this formation and a breakout is expected
On the other hand. if Binance Coin (BNB) fails to close above $358 by the end of this week or early next week. We will likely see BNB enter a consolidation phase at around $325.
This is not necessarily a bad thing as BNB will have established a new higher low and will be well-positioned. For another attempt at breaking out to the upside in the coming weeks.
From a long-term perspective, Binance Coin (BNB) still looks incredibly strong. And we believe that it will eventually make its way back to $450 or even higher.
The first step would be to look at price momentum in the following two days. If Binance’s price stays stagnant between $308 and $318 for another two days, don’t buy.
A breakout to the upside looks more likely in that case. You could buy BNB for around $318 with a stop loss placed just below $308.
Your target could be $335 or even $350. A move to $350 would invalidate our earlier assumption of Binance Coin (BNB) entering a consolidation phase in that case. We might see BNB climb up to $450 in the weeks ahead.
On the other hand, if BNB does enter a consolidation phase, then it is best to wait for a breakout before taking any action.
On the other hand, if there is a clear break above $320, BNB will probably reach $336. After $336, downside risks become much more serious, so you should quickly exit your trade.
The coin has been one of the best performers in the cryptocurrency market over the past few weeks. The cryptocurrency surges higher against both Bitcoin (BTC) and Ethereum (ETH), two of the largest cryptocurrencies by market capitalization.
Binance Coin (BNB) may be stagnant this week, but that doesn’t mean it won’t continue its climb higher in the weeks to come.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
