Blockchain News

BNB breaks its bearish pressure and poised for a spike

Binance The price of coins has broken its downward trend and is moving steadily upward. The inefficiencies mentioned above will probably cause BNB to keep growing.

The $274 and $257 price ranges were the same for Binance Coin for about two months. BNB was forced to twice retest the $257 threshold after the most recent drop. However, this action gave sidelined buyers a chance to accumulate and start an uptrend.

As a result, the price of the Binance coin has increased by about 12% since September 19 and has broken through the trend line joining a series of lower highs. Investors can now capitalize on this trend higher following such an ascent, which signals a change in the market structure in favor of bulls.

The first objective for bulls is the equal high at $301, which is about 5% above the current price. The path to $337, where buyers will be able to sweep the buy-stops positioned above, will become clear once this obstacle has been overcome.

For owners of BNB, breaking through this barrier would result in an 18% profit.

On the other hand, if the price of Binance Coin loses its bullish momentum and falls below the descending trend line, it will make buyers lose faith. In this scenario, a sudden increase in selling pressure that causes BNB to close its daily candlestick below the $257 level of support will invalidate the bullish thesis by causing a lower low.

This change in market dynamics could cause Binance Coin’s price to further decline and retest the $243 support level.

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