- Binance Coin price shows a recent formation of a twelve-hour demand zone, extending from $282.73 to $257.74.
- A bounce off this demand zone could trigger a 10% run-up to $310.
- A daily candlestick close below $257.74 will invalidate the bullish thesis for BNB.
Binance Coin price shows a clear bullish development that hints at an upcoming rally. Therefore, investors can wait for the pullback to hop on the next leg-up.
Binance Coin price foresees its next move
Binance Coin price crashed below the $274.09 support level on September 6 by dropping roughly 6%. This move, while bearish, was the end of the selling pressure and was followed by a surge in buyers that led to a reversal and pushed BNB up by 15% over the next three days.
As Binance Coin price rallied 15% from the $257.74 swing low, it also set a swing high at $298.48. This bullish move also shifted the market structure by producing a higher high relative to the August 30 swing high at $291.94. This development confirmed the formation of the $282.73 to $257.74 demand zone.
Although Binance Coin price is likely to pull back, the sellers will most likely be absorbed due to the aforementioned demand zone. Hence, a minor pullback to $280 could be followed by a 10% run-up to collect the buy-stop liquidity resting above $310.40.
BNB/USDT 12-hour chart
On the other hand, if Binance Coin price produces a daily candlestick close below $257.74, it will invalidate the demand zone and hence bullish thesis for BNB by producing a lower low. This development could lead to BNB filling the imbalance that extends from $257.74 to $245.01.
If sellers take control, Binance Coin price could sweep the $239.40 and $233.71 swing lows to collect the sell-stop liquidity resting below them.
Note:
The video attached below talks about Bitcoin price and its potential outlooks which could influence Binance Coin price.
