- Binance Coin price is bouncing off the support level of $ 449.53, indicating the beginning of a new uptrend.
- A successful break of $ 517.17 will confirm the resurgence of buyers and the start of a new rally.
- If the BNB breaks below the $ 434.10 demand line, it will invalidate the bullish outlook.
Binance Coin’s price struggled with its uptrend as it encountered massive levels of resistance. Failure to stay afloat pulled the NBB down, where it is currently retesting a support barrier. Investors can expect a comeback from buyers that will propel the altcoin higher.
However, given the choppy market structure of the large cryptocurrency, Binance Coin could initiate a consolidation phase if it cannot recapture the aforementioned resistance barrier.
Binance Coin price ready for a new uptrend
Binance Coin’s price rose 15% between August 21 and 26 as it broke the $ 517.17 resistance barrier. However, the bulls failed to sustain the rally and were faced with investors taking profits, which eventually led to a 13% retracement.
The BNB is currently retesting the $ 449.56 support level and buyers could make a comeback here, triggering a new momentum move.
In some cases, this uptrend could start at the demand limit of $ 434.10. Either way, Binance Coin price is likely to rise 27%, break the $ 517.17 resistance barrier, and run to the $ 571.32 level.
In a strong bullish case, the rally could extend as low as $ 603.88, an upturn of around 34%.
BNB / USDT 1-day chart
While things seem to be going well for Binance Coin price, a breakdown of the support level of $ 449.56 will indicate potential weakness among buyers.
A critical close below the subsequent demand barrier at USD 434.10 on the 1-day chart will set a lower low and invalidate the bullish outlook. In such a case, the NBB could crash to $ 407.83 and $ 378.16.
