Binance Coin (BNB)
Ranked as the 4th most valuable cryptocurrency, Binance Coin (BNB) was the first major altcoin from the 2021 bull market to reach a new all-time high in June. In September, BNB could rally to another high, driven by the potential release of former Binance CEO Changpeng Zhao (CZ) from prison.
Currently priced at $540.26, BNB is 24.95% below its all-time high. On the weekly chart, BNB has formed a symmetrical triangle, a pattern that emerges when two trendlines â one sloping downward and the other upward â converge at a point.
A symmetrical triangle can signal either a bullish or bearish outcome, so itâs crucial to consider other indicators. In BNBâs case, BeInCrypto focuses on the 50-day Exponential Moving Average (EMA), which measures the trend direction over a specific period and could provide insight into the coinâs next move.
When the price of a cryptocurrency trades above its 50-day Exponential Moving Average (EMA), the trend is bullish; if it trades below, the trend is bearish. Despite BNBâs recent decline, it currently trades above the 50 EMA (blue), which could support the possibility of a new all-time high (ATH).
If buying pressure for BNB increases in September, it might once again outperform other top 10 altcoins and potentially reach a new ATH, possibly around $750. However, this outcome could be jeopardized if CZâs release is delayed or if market interest in BNB wanes.
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