The Binance Coin (BNB) price is attempting to find support and start a massive upward movement.
The Binance CEO Changpeng Zhao responded with disappointment to a lawsuit against the Binance cryptocurrency exchange by the U.S. Commodity Futures Trading Commission. However, users withdrew $1.6 billion from the exchange after the lawsuit became public.
Binance Coin (BNB) Price Struggles After Yearly High
The BNB price has increased since March 10, breaking out from a descending resistance line and reaching a new yearly high of $346.30 on March 18. During this movement, the price reclaimed the $286 horizontal area, which is now expected to provide support.
The Binance Coin price fell after reaching the yearly high, trading slightly above the 0.5 Fib retracement support level at $305. If the area fails to initiate a bounce, the price could fall to the aforementioned $286 support area.
Moreover, the daily RSI is right at the 50 line. A bounce at the line could coincide with a bounce at the $305 support area. If so, the price could increase toward the next resistance at $357.
Binance Coin (BNB) Price Wave Count Predicts Rapid Increase
The wave count for BNB provides a decisively bullish outlook. This is because the BNB price seems to be in wave three of a five-wave upward movement. Wave three is often the steepest of the three bullish waves. The sub-wave count is given in white, indicating that the price is completing sub-wave two.
If the count is correct, the BNB rate of increase will soon accelerate sharply. A potential target for the top of wave thee is at $498, found by the 0.618 Fib retracement resistance level of the entire drop since the all-time high.
However, if the price decreases below $265, it will invalidate the bullish structure and indicate that the trend is bearish instead. In that case, the BNB token price could drop to the $220 support area.
To conclude, the most likely BNB price forecast is the acceleration of the upward movement toward $357 and potentially $498. A drop below $265 would invalidate this bullish outlook and could cause a fall to $220.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
