Binance Coin pricewants to break a barrier that has prevented it from rising since December 2021. With BNB trading stuck at this hurdle, a breakout seems like the most plausible outcome.
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Binance Coin Price Catalyst Awaits
Binance Coin (BNB) The price retested the descending trendline four times since December 28, 2021. The last two retests resulted in a consolidation between this hurdle and a support level of $407.70. A breakout from this sideways move could be accompanied by a massive increase in volatility.
Investors who want to invest in BNB can opt for a long investment on a breakout of around $430 and receive a partial profit of $453.48. The remaining positions can be sold for $ 504.20, making a total profit of 20%. This breakout creates the first scenario and creates a bullish scenario.
A tougher stance is that investors BNB priceThey can wait for the price to pull back to the $392.17 support level and rally for an exit. In this scenario, market participants can enter a retest long position at $392.17 and take profits at $453.48 and $504.20. However, this move represents a 28% gain for the Binance Coin price.
Although things are looking optimistic for Binance Coin price, breaking the $392.17 support level will complicate things. A four-hour candlestick near $357.46 will create a lower low and invalidate the bullish argument.
Such a development could push the Binance Coin price down to $336.30 or below to gather liquidity below the January double bottom from market makers.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.