Binance Coin price insulates itself from sellers as BNB bulls eye $310

  • Binance Coin price shows a recent formation of a twelve-hour demand zone, extending from $282.73 to $257.74.
  • A bounce off this demand zone could trigger a 10% run-up to $310. 
  • A daily candlestick close below $257.74 will invalidate the bullish thesis for BNB.

Binance Coin price shows a clear bullish development that hints at an upcoming rally. Therefore, investors can wait for the pullback to hop on the next leg-up.

Binance Coin price foresees its next move

Binance Coin price crashed below the $274.09 support level on September 6 by dropping roughly 6%. This move, while bearish, was the end of the selling pressure and was followed by a surge in buyers that led to a reversal and pushed BNB up by 15% over the next three days. 

As Binance Coin price rallied 15% from the $257.74 swing low, it also set a swing high at $298.48. This bullish move also shifted the market structure by producing a higher high relative to the August 30 swing high at $291.94. This development confirmed the formation of the $282.73 to $257.74 demand zone.

Although Binance Coin price is likely to pull back, the sellers will most likely be absorbed due to the aforementioned demand zone. Hence, a minor pullback to $280 could be followed by a 10% run-up to collect the buy-stop liquidity resting above $310.40.

BNB/USDT 12-hour chart

On the other hand, if Binance Coin price produces a daily candlestick close below $257.74, it will invalidate the demand zone and hence bullish thesis for BNB by producing a lower low. This development could lead to BNB filling the imbalance that extends from $257.74 to $245.01.

If sellers take control, Binance Coin price could sweep the $239.40 and $233.71 swing lows to collect the sell-stop liquidity resting below them. 

Note:

The video attached below talks about Bitcoin price and its potential outlooks which could influence Binance Coin price.

 

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