Binance Coin price eyes a quick 33% upswing if certain bullish conditions are met.
A bounce off the $308.0 to $319.8 breaker could trigger the aforementioned upswing for BNB.
A three-day candlestick close below $308 will invalidate the bullish thesis.
Binance Coin price is attempting to explore a high-timeframe range as it nears the extremes of a smaller zone inside. Sidelined buyers can take advantage of this opportunity to accumulate before BNB kick-starts its next move.
Binance Coin price has been hovering inside the $218.8 to $338.8 range for nearly a year after suffering a 67% crash in November 2021 and May 2022. As BNB approaches the upper limit of a smaller range, investors need to explore a breakout scenario.
For now, Binance Coin price swept the range high at $338.8 on March 17 before retracing into a bullish breaker, extending from $308.0 to $319.8. This technical formation is a recurring pattern that occurs in the market. It is the last up candlestick between two lower lows. When the asset climbs higher than the said up candlestick and produces a higher high, the breaker is said to be confirmed.
A subsequent pullback of the asset into this breaker is an opportunity to enter a long trade or accumulate. So far, Binance Coin price has tagged this breaker but has failed to kick-start an uptrend due to the underlying market conditions.
A bounce off the bullish breaker could trigger BNB to breakout of the smaller range. In case of a successful flip of the range high at $338.8 into a support floor, should attract buyers, triggering a continuation of the rally to the tag midpoint of the 67% crash at $426.4.
In total, this move would constitute a 33% gain from the current position.
While the optimistic outlook for Binance Coin price is based on logical assumptions, things could equally go the other way – if Bitcoin’s dominance continues to increase. In such a case, altcoins are likely going to move sideways or collapse while BTC takes the center stage.
If BNB produces a three-day candlestick close below the bullish breaker at $308, it will invalidate the bullish thesis and potentially trigger a 9% downswing to $278.8. A further spike in selling pressure at this level could knock Binance Coin price down to the $251.5 support floor.
