Binance Coin (BNB) is on a strong upward trajectory, marking a 24% surge this week and currently trading at $327, a notable rise from its $264 position.
However, this surge may face resistance at critical points in the week ahead. The current BNB price near $327 is butting heads with the resistance set by the Momentum Reversal Indicator (MRI) at $322.
Moreover, there’s a significant challenge at the range high of $337, a historical obstacle formed back in May 2022, where BNB has been rejected ten times before. Given this history, a slight retreat might be in the cards.
This potential dip could bring the price back to the psychological level of $300, offering a chance for sidelined buyers to gather more BNB. If this pullback happens and manages to transform $337 into a supportive foundation, it could pave the way for a surge to $393 or even the psychological $400 level, offering a 30% gain for patient investors.
Conversely, failure to hold around $300 during a potential pullback would signify a bearish signal by not defending a crucial level. Should BNB flip the range’s midpoint at $260, it would challenge the optimistic view.
In such a scenario, Binance Coin might consolidate in the lower range, potentially testing the range low at $183, especially if Bitcoin experiences a significant 10% to 20% downturn.
