The Binance coin has recovered the lost ground for the week with a strong bounce off the 328.5 support level. This move follows five successive days of losses after the fallout of the Chinese crypto crackdowns.
The Binance exchange has been on an aggressive drive to improve its status with various regulatory bodies. This week, the company made its app unavailable for Chinese users and ended derivative trading for its clients in Australia and Singapore.
The fact that the Binance Coin has fallen significantly since its May 2021 highs may be the factor driving fresh demand for the token presently.
Binance Coin is up 9.52% on the day.
Binance Coin Price Prediction
The Binance coin price prediction for a recovery towards the 400.00 psychological resistance was boosted by a break of the falling wedge. This break targets 388.3 initially and must break that price level before the psychological resistance and the 427.6 barrier come into view.
On the flip side, rejection at 388.3 negates this view and opens the door for the price to retreat towards 328.5. If the bulls fail to defend this price mark, 279.2 and 252.5 become additional targets to the south.