Binance Coin (BNB) Ascending Triangle Pattern Analysis
Binance Coin (BNB) has been trading in an ascending triangle pattern since August 6, before plunging to a 5-month low of $463.97 on August 5 during the market’s bear market. The current price is $522.63, up 16% since the drop.
Binance Coin Attempts to Break Through Resistance
An ascending triangle pattern forms when the price of an asset moves within a range defined by a flat horizontal resistance line above and a rising support line below. This pattern indicates bullish momentum, with buyers building strength and pushing prices higher while sellers hold steady resistance. BNB encountered resistance at $524 and is now targeting a breakout. A break above this resistance line would indicate that buying pressure has exceeded selling pressure and the uptrend is likely to continue.
Transition: Furthermore, technical indicators for BNB support this outlook. The Parabolic Stop and Reversal (SAR) indicator shows a strong upward bias, with points currently below the BNB price. This indicates a potential uptrend.
BNB Price Prediction: Rise to $561 or Fall to $476
If buying pressure is strong enough and horizontal resistance at $524 is exceeded, the price could rise to $561.09, the main target of the ascending triangle pattern. This would signal that buying pressure is decisively overcoming selling pressure, likely continuing the uptrend.
On the other hand, if demand weakens at the resistance level, BNB price may fall below $500, leading to further selling. In a bearish scenario, BNB could face deeper losses to $476.32, a key support level where buyers might attempt to regain control.
Transition: In conclusion, the price movement of BNB within the ascending triangle pattern suggests a potential breakout above the resistance level, leading to further bullish momentum in the near term.
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