BNB Price Prediction: Binance Coin tiptoes back to the green ahead of 18% upswing to $372

By John Isige
Published July 6, 2021 Updated July 6, 2021
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BNB Price Prediction: Binance Coin tiptoes back to the green ahead of 18% upswing to $372

By John Isige
Published July 6, 2021 Updated July 6, 2021
  • Binance Coin crawls back in the green, accruing nearly 2% in gains.
  • BNB awaits an 18% boost following the formation of an ascending triangle pattern.

Binance Coin trades around $305 at the time of writing, following a minor bullish push on the second day of this week’s trading. The uptrend follows lock-step trading action across the cryptocurrency market. If the technical picture remains the same or improves, we will likely see BNB price significantly bolstered upward.

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Binance Coin price technical picture rejuvenates for a significant upswing

The four-hour chart brings to light an ascending triangle. This is a highly bullish technical pattern formed amid an asset consolidation in the wake of a major price movement. A couple of trend lines are drawn, one connecting a series of sequential higher lows and the other linking the relatively equal peaks.

As the trend lines converge, consolidation prevails accompanied by low trading volume. The ascending triangle is only verified when the price breaks above the horizontal (x-axis) resistance. Realize that, triangles have exact breakout targets equal to the distance between the widest points of the patterns. For example, Binance Coin may breakout 18% to exchange hands at $372.

BNB/USD four-hour chart

BNB/USD price chart
BNB/USD price chart by Tradingview

A golden cross pattern validates the expected breakout. This bullish formation appears when a shorter-term moving average crosses above a longer-term moving average. The BNB chart highlights an impending golden cross as the 50 Simple Moving Average (SMA) crosses above the 100 SMA.

According to the relative Strength Index (RSI), bulls have the upper hand. A break above the midline, added credence to the ongoing recovery. Note that a daily close above $305 will allow bulls to take control entirely.

Binance Coin price intraday levels

  • Spot rate: $305
  • Trend: Bullish
  • Volatility: Expanding
  • Resistance: $310
  • Support: $300
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1106 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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