BNB Enters a Period of Consolidation Following Rally Endeavor

BNB Enters a Period of Consolidation Following Rally Endeavor

BNB Price Overview

BNB price entered a consolidation phase after attempting a rally to reach an all-time high. During this phase, BNB’s price formed an ascending triangle flag pattern above the 100-day Simple Moving Average (SMA) on the 1-day timeframe. This pattern is typically seen as a precursor to a bullish breakout.

  • Currently, BNB fluctuates between a resistance level of $647 and a support level of $498. This range indicated momentum building for a potential bullish breakout.
  • As of now, BNB’s total market cap is $89,412,113,586.
  • In the last 24 hours, there was a 1.70% increase.
  • Meanwhile, trading volume dropped by over 37% during the same period, totaling $1,535,069,940.
  • At the time of writing, BNB is trading around $604, slightly above the 100-day SMA, with an approximate 0.65% increase in the last 24 hours.

From a technical analysis perspective, BNB’s current price above the 100-day moving average can be considered a positive indicator. This situation likely points to a potential upward move surpassing the upper boundary of the ascending triangle. The price chart of the crypto asset on the 1-day timeframe showed encouraging signs for a bullish trajectory.

The Relative Strength Index (RSI) is another important indicator to consider. Currently, the RSI signal line is hovering above the zero line after fluctuating around it. This positioning typically indicates bullish momentum and strengthens the likelihood of BNB breaking the upper base of the ascending triangle.

Can BNB Surpass $647?

If BNB manages to break above the ascending triangle, it could surpass the previous high of $647 and potentially set a new all-time high. However, if it fails to break above this formation, there is a risk of a downward move.

In such a scenario, BNB could fall below the ascending triangle and potentially test the $498 support level. A break below this level could lead to a deeper correction, bringing the price down to the $384 support level.

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