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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Binance Coin formed an ascending triangle pattern.
- It faces stiff opposition at the $330 mark, but buying pressure was ticking higher.
Binance Coin [BNB] posted steady gains throughout January 2023 and succeeded in breaking above the $315 level of resistance in early February 2023. This level of resistance has been significant since November 2022. Therefore, a move above it hints at further gains.
Read Binance Coin’s [BNB] Price Prediction 2023-24
A recent report highlighted BNB’s positive performance in the market recently, and the fact that the adoption of the exchange token was on the rise. Bitcoin also has a bullish bias. Hence, barring a BTC drop below $22.3k, another move upward could be the way forward for Binance Coin.
BNB is on an uptrend leading into a bullish pattern
Over the past week, BNB has made a series of higher lows. At the same time, it has bumped into the resistance at $330 multiple times but could not break out. In doing so it formed an ascending triangle pattern. Before forming this pattern, Binance Coin had been trending higher.
This pattern is a bullish continuation pattern, and a breakout is projected to reach at least $348. The next major zone of resistance lies at $351-$360 and is a 12-hour bearish order block.
Recent days of trading showed the RSI to form a series of lower highs, to denote waning bullish momentum. Yet, the OBV has steadily risen higher. The OBV’s uptrend was a strong signal that buyers retained strength in the market.
A daily session close above $330 would be a signal for bulls to look for buying opportunities targeting the $350-$360 area to take profit at.
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Lower timeframe bullish sentiment gathers strength
This 30-minute chart from Coinalyze shows that the Open Interest has increased in the past couple of days. So, too, has the spot CVD. Both factors highlight bullish sentiment saw an uptick, and buying pressure was gathering strength. The predicted funding rate also rose to show long positions paid the short sellers’ funding.
It was unclear when exactly a bullish breakout would commence. The evidence at hand shows that a move upward is more likely. Invalidation of this idea would be a drop beneath $321.5, which would flip the lower timeframe market structure to bearish. In this scenario, a retest of the $315 level could see a bullish reaction.
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