BNB price eyes $400 as Binance Coin bulls keep showing up
- Binance Coin is consolidating within a descending parallel channel, which has precipitated a bullish breakout before.
- BNB could hit $400 soon, 5% above current levels as bulls continue to show up.
- The bullish thesis would be invalidated by a break and close below $360.00.
Binance Coin (BNB) price has formed lower highs and lower lows over the past few days, but the bulls continue to maintain a strong presence in the market. BNB has also steadfastly shown strength despite the recent uncertainty in the market as altcoins awaited cues from Bitcoin (BTC) price.
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BNB price eyes 5% gains
Binance Coin (BNB) price is trading with a bearish bias, consolidating within a descending parallel channel. However, this technical formation has historically proven to be a healthy correction for BNB. This coupled with the strength seen in the altcoin even when markets were showing weakness, inspires optimism.
If history rhymes, the Binance Coin price could break above the upper boundary of the descending parallel channel, clearing the $387.30 range high before making a 5% climb to the $400.00 psychological level.
Notice the Relative Strength Index (RSI) remains northbound despite BNB being overbought already. The Moving Average is also suggesting a renewed bullish wave as it moves above the signal line (orange band). Its histogram bars, just like those of the Awesome Oscillator (AO), remain in positive territory, accentuating the bullish thesis.
BNB/USDT 1-day chart
On the other hand, with BNB already overbought, the altcoin’s price is at high risk of a correction. The histogram bars of the MACD are also losing their green shade, suggesting the bears are gaining strength in the BNB market.
If the bulls show weakness, the bears could take over. This could see Binance Coin price break below the $360.00 support. This would invalidate the bullish thesis, setting up BNB for an extended fall.
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