Binance Coin Price Prediction: BNB nurtures a V-shaped recovery with 10% gains in sight

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

  • Binance Coin price is up 7% after a critical support broke the 10% crash.


  • BNB could rise 10% as part of a V-shaped recovery rally.


  • The bullish thesis will be invalidated upon a break and close below $291.60



Binance Coin (BNB) price has been consolidating within a descending parallel channel after recording a local top around the $338.3. However, the BNB price found support, and now a recovery rally is in motion.



Binance Coin eyes possible 10% gains


Binance Coin (BNB) price is trading with a bullish bias, up nearly 7% after finding critical support due to the confluence between the 50-day Simple Moving Average (SMA) and the horizontal line at $291.60.


The Relative Strength Index (RSI) shows rising momentum, with a pending buy signal that will be activated once the RSI crosses above its signal line (yellow band).


Increased buying pressure could see the Binance Coin price extend the gains past the $220.00 level before reclaiming the $338.30 range high, last tested on December 28. Such a move would denote a 10% climb from current levels. In a highly bullish case, the gains could extrapolate for BNB price to reach the $360.00 psychological level.


BNB/USDT 1-day chart, Source: TradingView.


On the other hand, if profit taking kicks in after the 7% climb, the BNB price could lose all the ground covered, potentially retesting the confluence support. A break and close below $291.60 would invalidate the bullish thesis.


In the dire case, the downside could continue, with Binance Coin price testing the midline of the channel at $280.00. The worst possible case could see the altcoin extend the fall to the $260.30 level, 15% below current levels.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Bitcoin on Fire: Eyeing $125,000 by Year-EndInsights - Since the U.S. election on November 5, Bitcoin, the largest cryptocurrency, has surged approximately 28%, reaching an all-time high of $89,884 in the early hours of Tuesday, Eastern Time.
Author  Mitrade
Yesterday 09: 27
Insights - Since the U.S. election on November 5, Bitcoin, the largest cryptocurrency, has surged approximately 28%, reaching an all-time high of $89,884 in the early hours of Tuesday, Eastern Time.
placeholder
Tether Treasury mints another 2 Billion USDT on the Ethereum network for issuanceOn November 11, Tether CEO Ardoino announced through a post on X that Tether’s Treasury had minted 2B USDT on the Ethereum Network to replenish its inventory. Ardoino disclosed that the USDT was authorized but not issued and would be used for chain swaps and issuance on the next request(s).
Author  Cryptopolitan
Yesterday 06: 37
On November 11, Tether CEO Ardoino announced through a post on X that Tether’s Treasury had minted 2B USDT on the Ethereum Network to replenish its inventory. Ardoino disclosed that the USDT was authorized but not issued and would be used for chain swaps and issuance on the next request(s).
placeholder
BNB Price Set to Surge: Could It Be the Next Big Mover?BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.
Author  NewsBTC
Nov 08, Fri
BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.
placeholder
Donald Trump’s World Liberty Financial Cuts WLFI Presale Goals by 90%World Liberty Financial (WLFI), a project endorsed by Donald Trump, recently reduced its presale goal from $300 million to $30 million.
Author  Beincrypto
Nov 01, Fri
World Liberty Financial (WLFI), a project endorsed by Donald Trump, recently reduced its presale goal from $300 million to $30 million.
placeholder
Tether Posts a Record $2.5 Billion Profit in Q3 as USDT Demand Soars Tether has posted a record-breaking $2.5 billion in profits for the third quarter of 2024, boosting its consolidated earnings this year to $7.7 billion. According to a report released on Thursday, the
Author  Beincrypto
Nov 01, Fri
Tether has posted a record-breaking $2.5 billion in profits for the third quarter of 2024, boosting its consolidated earnings this year to $7.7 billion. According to a report released on Thursday, the