Monday was a good day for the crypto markets, with Binance Coin adding 4.02% as of writing. The resignation of Binance US’s CEO Brian Brooks did not dampen the bullish Binance Coin price prediction bets on the day. The news that Poloniex had reached a $10m settlement with US regulators over operating with an unregistered status appears to have calmed nerves over the recent regulatory onslaught against Binance and other exchanges.
The daily chart showcases the price contained within an ascending channel. The tightness of the support and resistance lines make for very tight entries and small-target trades.
Binance Coin Prediction Outlook
Monday’s 3.96% move to the upside came off a bounce on the channel’s trendline/333.894 support. The move has hit resistance at 357.04. A break of this resistance and the channel’s return line allows the pair to target the 379.84 resistance. Above this level, 400.01 and 428.02 remain the only barriers for bulls to get the recovery move back on track.
On the flip side, a pullback resulting from rejection at 357.04 retests 333.89. If this support breaks down, the channel also crumbles, allowing the bears to make a move for 314.94. Below this level, 278.12 and the price wall with 222.99 as the ceiling are additional downside targets.