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- BNB has formed a massive bull pennant
- MACD signaling a potential bearish cross
- Major support to watch is $541
BNB has been consolidating within a bull pennant for nearly 3 weeks. This pattern is nearing its end in a mere week. BNB has been catching a lot of hype recently due to BSC (Binance Smart Chain). There has been many new projects launching on this platform and have been producing mind blowing returns. This has been flooding massive interest to BNB.
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BNB Price Analysis: BNBUSD 4 Hr Chart
BNB has been holding its $541 minor support for the past two days. This level is also met with the 50MA on the 4 hour chart. If these levels break down expect a retrace to minor support range of $510 which is also met with the bottom trend line of the bull pennant. This is the probable path that BNB will take.
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Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
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