Binance Coin: How BNB buyers can capitalize on this breakout rally

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Since dropping towards its 16-month low in mid-June, Binance coin [BNB] has clawed back to reclaim the $261-baseline. The altcoin traversed within the constraints of this baseline alongside the $296-ceiling for nearly six weeks.

Here’s AMBCrypto’s price prediction for Binance Coin [BNB] for 2023-24

Owing to several uncertain macroeconomic factors, BNB, like most altcoins, struggled to break into a high volatility phase over the last month. With the sellers confirming a patterned break, the coin could see a near-term decline phase before a revival.

At press time, BNB was trading at $282.7.

Source: TradingView, BNB/USDT

Since swooping to its multi-monthly lows on 18 June, BNB flipped one-eighty as the buyers recouped their forces from the lows of $197.

While the alt undertook a sideways track over the last month, the $261-$296 oscillation range has exhibited reliable rebounding tendencies. As a result, the recent reversal from its immediate ceiling evoked an evening star candlestick pattern, one that propelled an up-channel breakdown.

Moreover, during the recent up-channel gains, the coin’s volume oscillator marked lower peaks, suggesting weakness in the uptrend.

The resulting bearish outcome would expose the alt to a potential test of the $261-$268 range. To reaffirm this outcome, bears would need to sustain a position below the 20/50 EMA. 

Alternatively, the price could see a bounce-back from its Point of Control (POC, red) as it offered the highest liquidity over the last few months. Any potential rebound above the 20/50 EMA could see its first major testing level at the $296 region. 

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