Following a rally towards all-time highs, Binance Coin (BNB) price has been in consolidation territory. During this consolidation, BNB price attempted to form a bullish triangle flag* above the 100-day Simple Moving Average (SMA) on a 1-day timeframe.
Currently, the token price is moving between the $647 resistance level and the $498 support level, building momentum for a bullish breakout. BNB is trading around $603 above the 100-day SMA, up 0.1% over the past 24 hours.
BNB price analysis
Technically, looking at the digital asset's price chart over a 1-day timeframe, it can be seen that the price is trading above the 100-day SMA. Therefore, this could be a sign that BNB price has the potential to break above the upper bottom of the triangle.
The Relative Strength Index (RSI) signal line has moved below the zero line and is now trending above it. This formation shows that the price could rise and break above the upper bottom of the triangle.
The Williams Alligator* indicator also suggests that the price could rise as both the crocodile teeth and jaws are above the crocodile's lips, while the price is above the indicator, which suggests that the BNB price could rise above the triangle .
Potential results
Ultimately, if the price of BNB breaks above the ascending triangle, it could build momentum to break the previous high of $647, and if this level can be conquered, the price has the potential to rally further to new all-time highs. age.
If it fails to overcome the ascending triangle, BNB price is at risk of breaking below the ascending triangle and could even slide towards the support level of $498. Once this level is breached, the altcoin could undergo a deeper correction to test the $384 support level.
*Bullish triangle flag is a chart pattern used to predict the price trend of an asset. This pattern often appears when the price of an asset increases sharply then creates a short-term correction.
This pattern consists of trend lines (lines that combine the tops or bottoms of the chart) forming a descending triangle (the top of the triangle points down). This often represents a potential price increase after a period of rest.
When the price breaks out of the pattern in an upward direction, this is often seen as a sign of a further price increase and increases the possibility of a bull market.
*The Williams Alligator indicator is a technical analysis tool designed to help traders determine the trend and which state the market is in: bullish, bearish or moving sideways.
The indicator consists of three lines, usually colored green, red and blue, representing the teeth and lips of an alligator, hence the name “Alligator”.
Tooth (green line): This line represents the 13-period Smoothed Moving Average, shifted to 8 future bars.
Tooth (red line): This line represents the 8-period Smoothed Moving Average, shifted to 5 future bars.
Lip (blue line): This line represents a 5-period Smoothed Moving Average, shifted to 3 futures bars.
When the lines intersect or move close together, it suggests that the alligator is sleeping, indicating a period of stabilization or correction in the market. Conversely, when the lines separate, it indicates that the alligator is waking up, suggesting the beginning of a new trend.
https://tapchibitcoin.io/bnb-hinh-thanh-mo-hinh-co-tang-gia-tren-bieu-do-1-ngay-dieu-gi-tiep-theo.html
