- The price of Binance Coin has been consolidating for almost two weeks with no sign of a change in direction.
- A crucial closing price above USD 530.38 signals the beginning of an uptrend of 35%.
- If the NBB breaks the USD 449.56 support level, the bullish thesis will be invalidated.
Binance Coin’s price skyrocketed by August 23, but it lacked the momentum to overcome investor gains. This development led to the start of a period of consolidation that is likely to result in a massive explosive rally if it manages to break through a critical level of support.
Binance Coin price is just one step away from a huge boom
The price of the Binance Coin rose about 33% from August 18 to August 23, hitting a swing high at $ 510.85. This uptrend marked the start of roughly two weeks of consolidation below the resistance level at $ 530.38.
Investors can expect this roll-up to build momentum to break the supply barrier mentioned above. A critical closing price above $ 530.38 will remove any obstacle up to $ 606.70.
If buying pressure continues to build, the BNB could crack $ 606.70 and attempt to retest the latest resistance level at $ 671.17 or even hit the all-time high at $ 693.4.
The rise from the current position to $ 671.17 would represent a 35% rebound.
BNB / USDT 1-day chart
Regardless of the optimism about Binance Coin price, if consolidation doesn’t break the immediate resistance at $ 530.38, it indicates weak buying pressure.
In such an event, investors can expect the NBB to move down towards the support barrier at $ 449.56 ($ 449.56), the collapse of which will create a lower low and invalidate the bullish thesis.
In some cases, the NBB could even retest the range high at $ 434.1.