Binance Coin Price Set for a Rapid 15% Rise
- Binance Coin price is showing a limited setup, hinting at a minor uptrend.
- Investors can expect BNB to bounce at least 15% to collect buy stop liquidity above $432.
- A daily candlestick near the low of the range at $336 will invalidate BNB’s bullish thesis.
Binance Coin price is hovering inside the range waiting for the incentives to push higher. A quick bounce off the immediate support level could provide the momentum to move higher and collect liquidity above even highs.
Binance Coin price at inflection point
Binance Coin’s price has been stuck in a range of $336 to $448 since its inception in late January and early February. Price action within the range is simple to trade for obvious reasons – the highs and support levels are well established and the price often stays within the range.
Usually, the asset sweeps one side of the range to collect cash, which is followed by a quick recovery and a sweep of the opposite range. This price action could either continue or the asset is establishing a directional bias and trending in the winning direction.
For Binance Coin price, the low range at $336 was first swept away on February 25, triggering a 42% rally that moved above the high range at $448. Due to the fragile nature of the market and brutal volatility, BNB has fallen 19% and is currently plunging into the $359-$377 demand zone.
A bounce off this barrier is likely to trigger a 15% upside with buy stop liquidity targets above the highs equal to $413 and $432, respectively. In some cases, the uptrend might extend to the high range at $446.
This move would constitute an 18% upside and is likely where the upside is capped in the near term.
BNB/USDT 1-Day Chart
A daily candlestick near the range low at $336 will invalidate Binance Coin’s bullish price thesis by producing a lower low. In such a case, BNB might drop 5% to retest the $319 support level.