BNB Price Analysis: Wedge Pattern Breakout Aims BNB to Surpass $300
For nearly two months, the BNB price lowered within a falling wedge pattern. However, on July 4th, altcoin gave a massive breakout from the pattern’s resistance trendline. This bullish pattern may trigger trend reversal if the coin price sustains above the descending trendline.
Key points
- The BNB price has surged 10.3% in the past four days.
- The coin price breached 20 day EMA dynamic resistance.
- The intraday trading volume in the BNB price is $1.33 Billion, indicating a 5.47% loss.
Source- Tradingview
The BNB/USDT technical chart reflects its ongoing downtrend within a falling wedge pattern. Moreover, the coin chart shows two dynamic resistance trendlines, one initiated in April and a steeper one indicated in May, maintaining the wedge pattern.
The recent bull cycle within this pattern appreciated the altcoin by 28%, hitting the second resistance trendline. However, profit-booking from short term traders tumbled the coin price by 12% lower to $214 before the current price jump.
On July 4th, the BNB price bounced back from the $214 support with a long bullish engulfing candle. The price jump breaches the long-coming resistance trendline of the wedge pattern. Furthermore, following a single retest candle, the altcoin surged 3% as a follow-up rally today.
If the buying pressure persists, the BNB price will likely breach the near resistance of $262 or $300 to bolster further growth.
However, the traders must keep a close eye on the early mentioned resistance, which could stall the bullish rally.
Technical indicator
Bollinger band indicator: along with the resistance trendline, the BNB price breached the indicator’s midline indicating a positive switch in market sentiment.
MACD indicator: a steady rise among the fast and slow lines indicates growth in underlying bullishness. Furthermore, a potential-jump above the neutral line may encourage additional buying.
Hence the technical indicators bolster the price action analysis and indicate a better confirmation for a prolonged bullish rally.
- Resistance Levels: $262 and $300
- Support Levels: $214 and $192
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