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.
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.