Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Binance Coin Price Forecast: BNB could rally 30% if this level holds appeared on www.fxstreet.com by Akash Girimath.
- 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.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on www.fxstreet.com by Akash Girimath – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!