Binance Coin (BNB) price exhaustion is likely to trigger a short-term correction.
Binance Coin price is likely to provide sidelined buyers another opportunity to accumulate. Investors need to be careful in buying BNB dips due to the uncertain market outlook. A breakdown of the $596.5 support level will invalidate the bullish thesis. Binance Coin price exhaustion is likely to trigger a short-term correction. If the market outlook improves then the incoming pullback will be a good place to buy BNB on the dips.
Depending on how Binance Coin price reacts to the aforementioned level, investors can make their own decisions. A bounce above $635.2 will show that the buyers are in it for the long haul and are defending this key barrier. In such a case, BNB could embark on a bullish journey and target the theoretical forecasted target of $775.5. While BNB retests the $635.2 support level, the Relative Strength Index also needs to hold above its mean level of 50.
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