- Binance Coin is currently taking a jab at the June 7 swing high at $407.83.
- A breach of the said level could propel BNB to $433.41 and even $483.38.
- In some cases, a retracement to $361 might arrive before the uptrend kick-starts.
Binance Coin price is currently experiencing an exponential upswing that is retesting a crucial resistance level. A breakout above this barrier will propel it to another significant level and might trigger a new uptrend.
Binance Coin price stares at a new uptrend
Binance Coin price rallied roughly 61% since July 20 and swept the June 7 swing high at $407.83. While BNB is not showing any signs of exhaustion, investors should be wary of one. If the buying pressure continues to build up, Binance Coin price will shatter $407.83 and attempt to retest the range high at $433.41.
A decisive close above this barrier will indicate a bullish outlook and the presence of buyers. This development will likely set the stage for a leg-up that will retest the resistance level at $483.38, roughly an 18% ascent from $407.83.
Market participants should note that this climb will arrive now or after a pullback to the $378.16 or $361.75 support levels.
BNB/USDT 12-hour chart
Regardless of the bullish outlook of the cryptocurrency market, things could turn grim if Binance Coin price slices through $361.75. This development would indicate a weakness among buyers and threaten a deeper correction, primarily if BNB produces a decisive 12-hour candlestick close below the trading range’s midpoint at $340.37.
Such a retracement would shift the trend in favor of the bears and invalidate the bullish thesis. It even could potentially trigger a crash to $309.87.
