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🚀🚀🚀Here's Why Binance Coin (#BNB ) Price Is Heading Towards an All-Time High
#Binance Coin Price: For more than a month, the crypto market trend has been trending sideways after the Bitcoin price reverberated around $ 70,000. This lateral move is seen as a halving of the consolidation, which threw weak hands out of the market to attract buyers with a strong belief. As a result, the majority of altcoins, including Binance coin (BNB), have faltered in uncertainty. However, this asset, which is still hovering above the healthy retracement level, indicates that the broader trend continues to rise.
Will the Market Sales Push the BNB Price Below 500?
BINANCE: BNBUSDT Chart
BNB, the local cryptocurrency on the Binance Exchange, has been fluctuating sideways for more than a month amid broader market consolidation. This lateral movement, bounded within two converging trend lines, indicates the formation of a streamer pattern.
The chart pattern provides an opportunity for buyers to gather strength for the next upward move. However, on Friday, the cryptocurrency market witnessed a sudden drop, with Bitcoin falling by 4.45% and Ethereum falling by 7.87%.
This sale caused the Binance Coin (BNB) price to pull back from the upper limit of the triangle and fall by 2.86% to $ 588. This indicates that sideways trading potentially continues until a decisive break occurs above the edge of the triangle.
Despite the recent pullback, the bullish trend due to the nature of the pattern, coupled with the upcoming Bitcoin halving, suggests that bnb is more likely to surpass overhead resistance. A successful breakout could set the asset a new target around $778, surpassing its previous high of $691.
Technical Indicator:
Exponential Moving Average: 20 fast-moving EMA assets offer dynamic support to the BNB price during market corrections.
Relative Strength Index: Daily RSI slope above 50% market sentiment continues to rise.
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