Binance Coin ($BNB ) Bullish Breakout
In the daily chart, the BNB price action reveals a short-term recovery at play. Furthermore, with the overhead resistance zone near the $600 psychological mark, the short-term price action reveals an ascending triangle pattern.
Meanwhile, a long-term consolidation is observed between $464 and the $600 supply zone. Currently, the altcoin is trading at $583 following the 2.91% recovery last night.
The altcoin is trading above the 200-day and 50-day EMA while challenging the 50% Fibonacci level at $587. Following a bullish engulfing candle, Binanceâs possibility of an overhead breakout has increased significantly.
The sideways trend in the 50-day and 200-day EMA in a positive alignment gives a neutral signal. However, the bullish crossover in the MACD and signal lines near the resistance test increases the possibility of a bullish breakout.
In case of a bullish outcome, the uptrend in BNB price could potentially hit $711 or $863. On the flip side, the crucial support for the altcoin is the local support trendline and the 23.60% Fibonacci level at $522.
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