- Binance Coin is currently trying to hit the June 7th high at $ 407.83.
- A break through said level could push BNB to $ 433.41 and even $ 483.38.
- In some cases, it could hit $ 361 before the uptrend resumes.
The price of Binance Coin is currently in an exponential upswing that is retesting an important resistance value. A break above this barrier will push it to another significant level and could trigger a new uptrend.
Binance Coin Price is facing a new upward trend
Binance Coin price has risen about 61% since July 20th, breaking the June 7th high of $ 407.83. While BNB shows no signs of exhaustion, investors should be wary of it. If buying pressure continues to build, Binance Coin price will break through $ 407.83 and attempt to retest the interim high at $ 433.41.
A critical close above this barrier would indicate a bullish outlook and the presence of buyers. That move is likely to create a stage higher that will retest the resistance at $ 483.38, up about 18% from $ 407.83.
Market participants should note that this surge will come now or after a pullback to the support levels at $ 378.16 or $ 361.75.
BNB / USDT 12 hour chart
Regardless of the bullish outlook for the cryptocurrency market, things could get bleak if Binance Coin price breaks $ 361.75. That move would indicate weakness in buyers and threaten a deeper correction, especially if BNB creates a crucial 12 hour candle to close below the midpoint of the trading range at $ 340.37.
Such a retracement would shift the trend in favor of the bears and invalidate the bullish thesis. It could even crash to $ 309.87.