BNB price nears $600 resistance, forming ascending triangle pattern.
Technical indicators suggest potential bullish breakout.
Price targets: $658-$711 short-term, $863 long-term if bullish trend continues.
Binance Coin (BNB) is showing signs of potentially breaching the important $600 level. This level has served as a formidable resistance for months, effectively capping BNB’s bullish momentum.
The current price action sets the stage for a potential breakout that could redefine BNB’s market trajectory.
BNB’s daily chart reveals a rising support trendline that has underpinned the token’s bullish growth. The price has been consistently challenging the crucial resistance zone near $600, forming higher lows in the process.
Since June, this resistance has repeatedly repelled BNB’s advances, triggering multiple bearish reversals and confining the price to a sideways trend with support at $464.
BNB showing signs of ascending triangle pattern
The recent price action has given rise to an ascending triangle pattern, characterized by a series of higher lows against a flat top resistance. Currently, BNB is experiencing a bull cycle within this pattern, marked by three consecutive bullish candles that have pushed the price up by 5.78%.
However, an intraday pullback of 0.67% with higher price rejection signals potential resistance at these levels.
Technical indicators lend support to the bullish narrative. The 50-day and 200-day Arithmetic Moving Averages (AMAs) maintain a positive alignment, providing dynamic support to the price.
Furthermore, the Moving Average Convergence Divergence (MACD) and its signal line have recently produced a bullish crossover, accompanied by a surge in positive histogram values.
Looking ahead, Fibonacci retracement levels offer insight into potential price targets. Having surpassed the 50% Fibonacci level at $587, BNB now faces the critical $600 threshold.
