The Binance coin price continues to grind higher but so far has struggled to break $433. Will this mark the top of the recovery for BNB?
Things were looking up on Thursday, and BNB had just printed a 2-week high of $433.13. Then Elon Musk dropped his ‘Bitcoin Break up’ tweet, sending BNB sharply lower by -15% to $365.48.
By Yesterday the Binance coin price had recovered most of the losses and was back to $426.48 and looking like it would finally break higher.
Then came this:
Ok, this may need some explaining. The cryptic tweet is a reference to the adult-themed crypto token Cumrocket.
This sent $Cummies screaming higher by +400% but had the reverse effect on Bitcoin, Ethereum, and Binance coin. BNB traded down to $374.02 and below the support of a rising trend line.
The price has since managed to recover the trend line at $385.60 and is currently treading water at $394.15
Binance Coin Price Outlook
The 4-hour chart illustrates the supportive uptrend in place from the 23rd of May low at $210.95. This is a key level and should the price break decisively below this line, it could suggest the recovery has faltered.
Initial support is at the 4th of June low of $365.48 and below that, the $291.56 low from May 30th.
Of course, should the price hold, the recent resistance at $433.13 becomes the price to watch. If this level is cleared, the Binance coin price may well be back in business.
A close above the resistance would have bulls looking for $500.
In the meantime, the best policy is to wait for either of the above scenarios to play out. The momentum on a break of triangle formation could result in a material price movement.
Don’t miss a beat! Follow us on Telegram and Twitter.
BNB 4-Hour Chart
Follow Elliott on Twitter.