Binance Coin crawls back in the green, accruing nearly 2% in gains.
- BNB awaits an 18% boost following the formation of an ascending triangle pattern.
Binance Coin trades around $305 at the time of writing, following a minor bullish push on the second day of this week’s trading. The uptrend follows lock-step trading action across the cryptocurrency market. If the technical picture remains the same or improves, we will likely see BNB price significantly bolstered upward.
Binance Coin price technical picture rejuvenates for a significant upswing
The four-hour chart brings to light an ascending triangle. This is a highly bullish technical pattern formed amid an asset consolidation in the wake of a major price movement. A couple of trend lines are drawn, one connecting a series of sequential higher lows and the other linking the relatively equal peaks.
As the trend lines converge, consolidation prevails accompanied by low trading volume. The ascending triangle is only verified when the price breaks above the horizontal (x-axis) resistance. Realize that, triangles have exact breakout targets equal to the distance between the widest points of the patterns. For example, Binance Coin may breakout 18% to exchange hands at $372.
BNB/USD four-hour chart
A golden cross pattern validates the expected breakout. This bullish formation appears when a shorter-term moving average crosses above a longer-term moving average. The BNB chart highlights an impending golden cross as the 50 Simple Moving Average (SMA) crosses above the 100 SMA.
According to the relative Strength Index (RSI), bulls have the upper hand. A break above the midline, added credence to the ongoing recovery. Note that a daily close above $305 will allow bulls to take control entirely.
Binance Coin price intraday levels
Spot rate: $305