Price Analysis

Binance Coin (BNB) Price Eyes 10% Jump Amid Bullish Pattern Formation

Under the influence of an inverted head and shoulder pattern, the Binance Price set for a significant upswing.

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Published 01 Aug, 2023 | 04:02:38 PM UTC

Binance Coin (BNB) Price Eyes 10% Jump Amid Bullish Pattern Formation

The Binance coin price in four-time frame charts shows a bullish upswing under the influence of a rising channel pattern. For nearly two months, the coin price has been wobbling between the two parallel walking trendlines acting as dynamic resistance and support. The BNB price close to the bottom trendline shows a sign of a bullish reversal and potential for a sharp rally.

Also Read: BNB Price Trade Idea As Binance Bags Dubai’s Major Exchange License

Binance Price Daily Chart

A bullish crossover between the 20 and 100 EMA should lure more buyers into the market.
A bullish pattern sets the BNB price for a 10% upswing
The intraday trading volume in the BNB coin is $596.5 Million, indicating a 17.5% loss

Source- Tradingview

Amid the recent uncertainty in the crypto market, the BNB price showed a sideways action limited between the range of $245 to $234. This two weeks consolidation showed the formation of a bullish reversal pattern called inverted head and shoulder. With an intraday game of 1.62%, the altcoin price gave a bullish breakout from the pattern’s neckline resistance.

By the press time, the Binance coin trades at $244 and tries to sustain above the breached trendline. If the buyers manage to hold this flipped support, the altcoin could prolong the recovery by 10% and reach the overhead trendline of the channel pattern.

Until the two trendlines remain intact, the Binance coin may linger in a sideways or slightly ascending trend.

[converter id=”bnb-binance-coin” url=”https://coingape.com/price/converter/bnb-to-usd/?amount=1″]

Is BNB Price Still Under Correction Threat?

A look at the daily time frame chart shows the channel pattern is part of an inverted flag. This chart pattern is known to extend the downward trend upon the breakdown of its supported line. This crackdown will intensify the selling momentum and may plunge Binance coin to $220, followed by $200.

Exponential Moving Average: with the recent breakout, the BNB price also reclaimed a 200-day EMA obtaining an extra boost for the long traders.
Relatives strength index: the daily RSI slope above 60% strong bullish momentum in action

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 01 Aug, 2023 | 04:02:38 PM

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