BNB Price Analysis: Binance Coin (BNB) Forms An Ascending Triangle After Months of Downtrending
- BNB price fell nearly -50% during the month of June
- An ascending triangle has formed after nearly a 40% revival off lows
- Resistance at $316 is holding BNB price back from further revival
Binance Coin had an amazing year as it reached highs over $600 while trading at only $30 in mid 2020. The last few months have been bearish for the vast majority of cryptocurrencies as BNB fell nearly -70% from its ATH set in May. For the first time in nearly 2 months, the price of BNB price has printed a bullish ascending triangle which may signal a short or mid term bottom is in.
While viewing the last 2 weeks of chart movement, we can see an ascending triangle has been forming (orange). This pattern is usually bullish and if BNB manages to break upwards, we may see prices over $400 soon. Although, BNB price must break its month long bearish trend line to be free for further revival, which is shown in black. In addition to this trend, the 100MA (purple) has acted as resistance for nearly 3 weeks. Both of these marks must clear to be clear for a revival to high 300s.
BNB Price Analysis: 4 Hour Chart
The major resistance zone of BNB lies at $309-$316. If bulls manage to break and hold this mark, price will then be broken out of the ascending triangle, along with the two other marks mentioned above. If price fails to do so, support will be found at $291. If bears continue to hold control and price drops below $291, BNB price will then be out of its ascending triangle which would be a bearish scenario that would land the price at $280 and below.
While looking at the Stochastic RSI, we can conclude strength has bounced off the oversold line at 30. This is a great sign that bulls continue to hold BNB from further downside. The regular RSI has held an uptrend line for nearly 2 weeks and as long as this continues to hold, BNB price should break upwards in no time.
BNB price intraday levels
- Spot rate: $302
- Trend: Neutral
- Volatility: High
Support: $300 - Resistance: $309
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