Published 52 mins ago
For nearly two months, the BNB price lowered within a falling wedge pattern. However, on July 4th, altcoin gave a massive breakout from the pattern’s resistance trendline. This bullish pattern may trigger trend reversal if the coin price sustains above the descending trendline.
- The BNB price has surged 10.3% in the past four days.
- The coin price breached 20 day EMA dynamic resistance.
- The intraday trading volume in the BNB price is $1.33 Billion, indicating a 5.47% loss.
The BNB/USDT technical chart reflects its ongoing downtrend within a falling wedge pattern. Moreover, the coin chart shows two dynamic resistance trendlines, one initiated in April and a steeper one indicated in May, maintaining the wedge pattern.
The recent bull cycle within this pattern appreciated the altcoin by 28%, hitting the second resistance trendline. However, profit-booking from short term traders tumbled the coin price by 12% lower to $214 before the current price jump.
On July 4th, the BNB price bounced back from the $214 support with a long bullish engulfing candle. The price jump breaches the long-coming resistance trendline of the wedge pattern. Furthermore, following a single retest candle, the altcoin surged 3% as a follow-up rally today.
If the buying pressure persists, the BNB price will likely breach the near resistance of $262 or $300 to bolster further growth.
However, the traders must keep a close eye on the early mentioned resistance, which could stall the bullish rally.
Bollinger band indicator: along with the resistance trendline, the BNB price breached the indicator’s midline indicating a positive switch in market sentiment.
MACD indicator: a steady rise among the fast and slow lines indicates growth in underlying bullishness. Furthermore, a potential-jump above the neutral line may encourage additional buying.
Hence the technical indicators bolster the price action analysis and indicate a better confirmation for a prolonged bullish rally.
- Resistance Levels: $262 and $300
- Support Levels: $214 and $192
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.