Binance Coin BNB at Make-or-Break Point After Rally

Binance Coin BNB at Make-or-Break Point After Rally

Key Takeaways

Binance Coin is up more than 17.5% in the past 30 hours.
Now, BNB sits underneath a crucial resistance level.
Slicing through $470 could result in new all-time highs.

Share this article

Binance, the world’s biggest cryptocurrency exchange, recently announced a $1 billion fund to support project development on Binance Smart Chain. The news was well-received by investors, pushing Binance Coin’s price closer to a possible breakout. 

Binance Coin Reaches Pivotal Resistance

Binance Coin could be on the verge of breaking out soon, although it faces some critical resistance.

Binance Coin (BNB) has enjoyed significant upward price action over the past 30 hours. The third-largest cryptocurrency by market cap has surged by more than 17.5%, going from a low of $398 to a high of $467. Despite the sudden bullish impulse, BNB has reached a crucial obstacle in its uptrend. 

The upper trendline of a symmetrical triangle that developed on the daily chart could prevent Binance Coin from advancing further. Since mid-May, this critical resistance level has kept rising prices at bay, leading to a correction each time BNB has tested it. 

Similar market behavior could result in a rejection that pushes this cryptocurrency towards the triangle’s lower trendline at $360.   

Source: TradingView

Nonetheless, BNB’s network activity suggests that a breakout could be imminent. On-chain and social volume, as well as daily active addresses, have been steadily rising since the beginning of the month. These fundamental metrics can help determine whether a digital asset is prepared to advance further.

When these three indexes surge in unison, they form a bullish signal for future upward price action.

Binance Coin On-Chain Activity
Source: Santiment

The optimistic outlook should be clearer if BNB makes a decisive daily candlestick close above the triangle’s upper trendline at $470. Binance Coin could rise by nearly 70% to reach a new all-time high of $775. This bullish target is determined by measuring the triangle’s y-axis height and adding that distance upward from the breakout point. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Binance Launches $1 Billion Fund for BSC Projects

Binance, the world’s biggest cryptocurrency exchange, has announced a $1 billion crypto growth fund to support project development on Binance Smart Chain.  Binance Looks to Boost BSC Competition among Layer…

Binance Halts Yuan Trading After China’s Crypto Ban

Binance, the largest global cryptocurrency exchange, is shutting down peer-to-peer trading of the yuan in response to China’s Sep. 24 blanket crypto ban. Binance Removes Chinese Yuan From Peer-to-Peer Platform…

Binance Cuts Derivatives in South Africa

Binance will no longer offer futures, options, margin, or leveraged tokens to users in South Africa. Binance Makes Another Compliance Play Binance is winding down derivatives in South Africa. In…

How to Trade Using the Inverse Head and Shoulders Pattern

In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…

Source link

Leave a Reply

Your email address will not be published.

You have not selected any currency to display