- Binance Coin price shows a lack of buying pressure, which leaves it floating aimlessly at $267.
- Due to the upcoming FOMC meeting, investors should allow BNB to drop as low as $243 before buying.
- A daily candlestick close below $243 will invalidate the bullish outlook and trigger a potential correction to $216.
Binance Coin price shows no directional bias whatsoever for the last seven days as it hovers around a stable support level. Although BNB breached a key level, the lack of volatility has kept it hovering in the neighboring area.
However, the Federal Open Market Committee (FOMC) meeting scheduled to take place on September 21 is likely to make-or-break the altcoin. It is definitely going to induce volatility and potentially push Binance coin price lower, providing patient investors an opportunity to kick-start a run-up.
Binance Coin price waits for a catalyst
Binance Coin price has been using the $274 level as support since August 2, with a few deviations below it. The latest breakdown of this level has on September 18 and has flipped it into a resistance level.
Going forward, investors should expect the Binance Coin price to drop another 8% and potentially retest the $243 support level due to the FOMC meeting and their subsequent announcement of a widely anticipated increase in interest rates. Patient investors can expect to jump in and purchase BNB at a discount.
This development could see Binance Coin price return to $274 and, in some cases, extend to $301 to collect the liquidity formed above these equal highs.
BNB/USDT 1-day chart
On the other hand, if Binance Coin price fails to stay above the $243 support level, the bullish thesis will face invalidation. This development could see BNB crash another 11% to retest the $216 support level, where buyers can step in and give the uptrend another go.
The video attached below talks about Bitcoin price and its potential outlook, which could influence Binance Coin price.