BNB breaks bullish pattern, price set for $775 rally?
Binance Coin [BNB], the world’s fifth-largest cryptocurrency, has made a strong comeback by breaking out of a bullish price action pattern, holding its position from being overtaken by Ripple [XRP].
During the early morning Asian trading hours, the market caps of both altcoins came very close in value, nearly equal.
With strong bullish sentiment across the cryptocurrency landscape, BNB has started to rally, shifting its outlook toward bullishness.
As of now, positive price action, increased trader participation, and recent election results are driving BNB’s rally and will support its upcoming rally.
BNB: Key levels to watch
According to AMBCrypto’s technical analysis, BNB has successfully broken out of a bullish flag and pole price action pattern. At the time of writing, it was heading upside to its all-time high.
BNB’s bullish breakout occurred near a strong resistance level of $665, which was surpassed during the recent price surge.
Based on historical momentum, if BNB closes a daily candle above the $670 level, there is a strong possibility it could soar by 15% to reach the $775 level in the coming days.
At the time of writing, the asset was trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Additionally, another technical indicator, the Relative Strength Index (RSI), suggested that BNB still had significant room for further growth in the coming days.
Bullish on-chain metrics
In addition to technical analysis, BNB’s on-chain metrics further support its bullish outlook. Recent data shows that traders are actively participating, leading to a significant increase in Open Interest (OI).
According to the on-chain analytics firm Coinglass, BNB’s OI has surged by 11.25% over the past four hours and 3.64% in the past hour.
