with prices likely to dip lower in the short term.
Binance Coin Price Prediction: Symmetrical Triangle and Rising Wedge Patterns
The Binance Coin (BNB) price is currently responding to two chart patterns in the daily time frame chart: a symmetrical triangle and a rising wedge pattern. The overall sideways trendline is following the symmetrical triangle pattern (marked in blue), while the ongoing recovery within this structure is respecting the rising wedge pattern (marked in yellow).
The Current BNB Price Trend
On April 16th, the BNB price turned down from the confluence point of the two resistance trendlines mentioned above. With increasing selling pressure in the market, the coin price tumbled 7% in the last three days and is currently trading at $325.3.
What’s Next for Binance Coin Price?
With sustained selling, the coin price is likely to tumble 8% and hit the support trendline of the wedge pattern. However, as long as this pattern remains intact, the ongoing recovery cycle within the triangle will also remain intact and may encourage buyers to breach the symmetrical triangle resistance trendline. If there is a potential bullish breakout from the triangle’s resistance trendline, it will signal an early sign of an upcoming bull rally. On the contrary, if the falling prices breach the wedge pattern support trendline, the BNB coin may witness further correction to the triangle pattern’s support trendline. Thus, the wedge pattern breakdown will prolong the long-coming sideways trend, with prices likely to dip lower in the short term.
Factors Influencing Binance Coin Price
Several factors can influence the Binance Coin price in the near future. These include:
1. Market Sentiment
Market sentiment plays a vital role in determining the price of Binance Coin. Positive market sentiment usually drives prices higher, while negative sentiment can lead to a bearish market.
2. Regulatory Changes
Regulatory changes in the cryptocurrency industry can also impact Binance Coin’s price. Increased regulations can lead to a decrease in demand for the coin, causing prices to drop.
3. Adoption and Use Case
The adoption and use case of Binance Coin can significantly impact its price. If more businesses and individuals start using Binance Coin, demand for the coin will increase, leading to a price increase.
4. Competition
Competition in the cryptocurrency market can also impact Binance Coin’s price. If a competing coin gains more popularity or offers better features, it can lead to a decrease in demand for Binance Coin, causing prices to drop.
Conclusion
Binance Coin’s price is currently following a symmetrical triangle pattern in the daily time frame chart, while also respecting a rising wedge pattern for its ongoing recovery within the triangle structure. With sustained selling, the coin price is likely to experience a short-term dip of around 8%, hitting the support trendline of the wedge pattern. However, if the triangle’s resistance trendline is breached, it could signal an upcoming bull rally. Factors such as market sentiment, regulatory changes, adoption and use case, and competition can all impact Binance Coin’s price in the near future.
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