BNB bulls goal $ 700 and count on Binance Coin to interrupt that resistance stage – in accordance with Twitter

  • Binance Coin sideways for over a week.
  • Buyers appear ready to attack the upper band of the range trade.
  • A bang higher could mean a 34% jump in the coming month.

Binance Coin (BNB) has been trading sideways since rising on Aug 23. On that day, the price action broke through $ 452 and tested $ 521. Since then, Binance Coin has been trading between these two levels, an area that is very much respected.

Buyers saw the solid entry level at $ 452 on August 31st. BNB is up for the third day in a row and plans to test $ 521. Breaking this level on either Thursday or Friday would open up significant upside potential.

Binance Coins buyers will be delighted to break above $ 521

A break of $ 521 above would mean Binance Coin sellers would be pushed out of their position and buyers would take complete control of price movement. On the flip side, the R1 monthly resistance level at $ 554 will be the first trading break before moving higher. The next level of profit taking will be the R2 resistance at $ 645. After that, the ultimate level will be at $ 700 for buyers to fully close out their long positions.

BNB / USD daily chart

Usually, the third time should be a spell and it should be enough to break the $ 521 level. However, if sellers can overwhelm buyer demand, expect a decline back down towards $ 452, the lower band of the range. The NBB could then stay in this area for a few more weeks until the orange ascending trendline penetrates the mix and becomes an additional force turning it into a bullish triangle.

Below, sellers will consider the monthly pivot at $ 425 as the profit level for their shorts. But even then, the bullish trend still looks alive, with the orange ascending trendline as the backbone of the rally since August 21st.

As an additional incentive for the benefit of buyers, the 55-day Simple Moving Average (SMA) and the 200-day SMA are about to overlap. A further surge in price action would form a gold cross and attract more sentiment buyers in Binance Coin.


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