Binance Coin Price Prediction: Uptrend Resumption Depends on Breach of $533 Resistance

The resumption of withdrawals by the Binance exchange may have spurred some bullish demand on the BNB/USDT pair. Bullish Binance coin price predictions for the day returned as crypto withdrawals resumed, a few hours after being stopped due to what the exchange termed a “large backlog”. 

This is not the first time Binance has witnessed such outages. At various times in the past, users of the exchange have had withdrawals in British Pounds (June 2021) and Ethereum for multiple reasons. Other crypto exchanges such as Coinbase have also had instances where there was heavy withdrawal volume, necessitating temporary freezes on withdrawals.

As of writing, Binance Coin is up 1.81%. 

Binance Coin Price Prediction

The intraday high is testing the resistance formed by the 16 May high at 533.8. If the price candle breaks this point, the pathway towards 558.1 becomes clearer. Above this level, the neckline of the 4 May/12 May double top pattern at 605.0 becomes an additional target to the north.

On the other hand, rejection at 533.8 could lead to a pullback that touches off 511.3 initially, before 481.2 and 450.9 become additional targets to the south. 427.6 only comes into the picture if the corrective decline is extensive.

Binance Coin: Daily Chart

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