BNB/USDT: đBullish Signal with Strong TA and FA
BNB has been on a tear in recent months, and it is now one of the top 10 cryptocurrencies by market capitalization. The recent surge in BNB's price is due to a combination of strong technical analysis (TA) and fundamental analysis (FA).
Technical Analysis
On the technical analysis front, BNB is breaking out of a bullish triangle pattern. This pattern is formed when the price of an asset forms two converging trendlines, one from above and one from below. When the price breaks out above the upper trendline, it is considered a bullish signal.
BNB is also trading above its key moving averages, including the 50-day, 100-day, and 200-day moving averages. This is another bullish signal, as it suggests that the trend is in favor of buyers.
Fundamental Analysis
As the Binance exchange continues to grow, so too will the demand for BNB. The adoption of the Binance Smart Chain.
The Binance Smart Chain is a smart contract platform that is similar to Ethereum. However, the BSC has a number of advantages over Ethereum, such as lower transaction fees and faster transaction times.
As the BSC becomes more popular, so too will the demand for BNB.
With the increasing use of BNB for payments, BNB is now accepted by a variety of merchants for payments, including goods and services.
Trading Signal
Entry: 248â250 USDT (short- to- mid-term)
Targets:
đŻ1st TP: $252
đŻ2nd TP: $254
đŻ3rd TP: $256
đŻ4th TP: $258
đŻ5th TP: $260
đŽStop loss: $246
Holding: 1â8 days
Risk Management:
Do not invest more than you can afford to lose.
Use a stop-loss strategy to limit your losses.
Take profits regularly.
Disclaimer:
This is not financial advice. Please do your own research before making any investment decisions
