After a Week-Long Decline, Binance Coin (BNB) Gains Bullish Momentum
After a week-long price decline, Binance Coin (BNB) gained bullish momentum as its daily chart turned green. In fact, things can get even better next week, as BNB’s price is moving inside a bull pattern.
Does this mean BNB will reach new highs soon?
A Bull Pattern Forms on BNB’s Chart
According to CoinMarketCap, BNB bears dominated the market over the last week, as the coin’s value dropped by over 3%. However, things changed in investors’ favor as its price surged by more than 1.8% in the last 24 hours. At the time of writing, the coin was trading at $587.39 with a market capitalization of over $87 billion.
In the meantime, AMBCrypto analysis of the coin’s daily chart revealed that the coin’s price was moving inside a bullish symmetrical triangle pattern. A breakout from such a pattern often results in bull rallies, suggesting that BNB investors might soon enjoy massive profits.
- To initiate a bull rally, BNB must break above the resistance zone at $590.
- Hyblock Capital’s data suggests possible target levels, with the first viable target at $600.
- If BNB successfully crosses $600, the next target could be $630.
Will BNB Breakout?
AMBCrypto checked the coin’s technical indicators to see how likely it is for the coin to break above the bull pattern. The Relative Strength Index (RSI) registered an uptick, along with the Chaikin Money Flow (CMF) and the MACD displaying the possibility of a bullish crossover.
However, the Money Flow Index (MFI) moved sideways, suggesting potential slow-moving days ahead. Despite the rise in price, bearish sentiment around the coin remained dominant in the market as its Weighted Sentiment dropped. However, its Social Volume spiked, reflecting its popularity in the crypto space.
In the derivatives market, things looked optimistic as well. Binance Coin’s Open Interest registered an uptick along with the price, indicating the current price trend will continue. Additionally, BNB’s Funding Rate dropped sharply, further suggesting a bull rally in the coming days.
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