Binance Coin Price Analysis Hints Rally to $760 As Buyers Escape 11-Week Consolidation
Highlights
- The BNB price breakout from the triangle pattern signals the end of the ongoing correction trend.
- The potential recovery in the Binance coin could witness dynamic support from the midline of Bollinger band indicators.
- The intraday trading volume in the BNB coin is $2.9 Billion, indicating a 64% gain.
Binance Coin Price Analysis: Amid the last two weeks of market consolidation, the BNB price showed notable resilience above the $586 support. With the Bitcoin price teasing a breakout from the $70000 level today, the altcoin market witnessed a bullish uptick. Thus, Binance coin price jumped over 5% hinting at a potential breakout from 11 weeks of consolidation. Should you enter this breakout?
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Triangle Breakout Sets BNB Price to Test New High
Since mid-March, the Binance coin price has traded sideways resonating within the two converging trendlines of a symmetrical triangle pattern. The coin price rebounded at least twice from both ends indicating the buyers or sellers showed no initiation towards this asset.
However, in theory, this consolidation indicates the buyers managed to replenish the exhausted bullish momentum. A potential breakout from the pattern’s resistance trendline will release the build-up momentum and hint at the resumption of the prevailing rally.
Amid the recent market jump, the BNB price gave a decisive breakout from the pattern’s upper resistance. Currently, the Binance coin trades at $624, while the market cap boasts to $92.1 Billion.
However, the price sustainability above the breached trendline in the coming days is crucial for BNB coins. If the pattern holds true, the buyers could drive a rally to a new high of $691, followed by $766.
On a contrary note, if the supply pressure at the overhead trendline reverts the price back to a triangle, the bullish thesis will be invalidated. If this happens, the BNB price could prolong its consolidation for more weeks to months.
Technical Indicator:
- Bollinger Band: The coin price challenging the upper Bollinger Band indicates the aggressive accumulation from buyers.
- Directional Movement Index: A bullish crossover, where the DI+ (blue) surpasses the DI- (orange), indicates a resurgence of positive sentiment towards this asset.
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