BNB Price Prediction: On Track for a 15% Gain
A possible comeback in the price of Binance Coin is possible as it approaches the lower end of the upward trendline, which is a crucial support level.
Near the 61.8% Fibonacci retracement of the advance from mid-March to June, around $581.9, BNB may find support.
On Wednesday, the price of Binance Coin (BNB) rose almost 4%, reversing its recent slide from its all-time high of $721.8 set on June 6. BNB is about to reach a crucial support region, which has a history of reliably providing price support, and it might retrace 14% from here.
On June 6, Binance currency hit a new ATH of around $722, and then it fell 16%.
At $581.9, the 61.8% Fibonacci retracement level between the recent swing low of $495.4 on May 19 and the recent swing high of $721.8 on June 6, side innovators seeking a purchasing chance may acquire BNB. Below, you can see that this level is in line with the rising trendline, which has served as support several times in the past.
With this support holding, BNB has the potential to surge 15% from its current trading price of $627 to $698.9. This price marks the lower border of its last daily bearish order block region, which began on June 6 and extends from $698.9 to $710.9. In a bearish order block, large numbers of sell orders have been placed by market players, including institutional traders.
For a moment, the RSI fell below 50, and now the Awesome Oscillator (AO) seems to be doing the same. If the bulls are really staging a return, we should see both indicators staying above their respective means. Additional support for the current recovery rally might be provided by this scenario.
The daily time frame would establish a lower bottom for BNB if the candlestick closes below $559.6. A bearish market structure would emerge as a result of this event.
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