Binance Coin Price Analysis: Bulls prepping up for price burst

BNB bullish rally arriving to a critical resistance point
  • Binance coin may give a robust up move 
  • Binance coin is making an ascending triangle and a double bottom pattern; however, the coin’s direction is yet to be decided.

Binance coin has strong support and resistance levels of $225 and $338 respectively on the daily charts, and a breakout may surge the coin by 20%. Volumes are slightly contracting, but it still might be enough to help break out. The market cap and 24-hour volume of the coin are $53,161,860,692 and $3,218,133,789 respectively. 

Double bottom breakout or another dip for ascending triangle

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Binance coin is slightly above the $338 resistance level. Price may break this level forming a successful double bottom pattern which will make the ideal entry at the retest of this level, OR the price may get reversed after finding supply at this level.

However, the ascending triangle trend still provides support for price and hope for traders. A breakout above $336 may push the prices towards $420-450, whereas a decline below the $294/$290 can make the coin fall up to $225/$230. 

The price is currently hovering above the 50EMA(yellow) and 200EMA(white), which provide support at $242 and $124. 

 RSI is at 67 and is getting closer to the overbought zone; this may cause the price to go for the ascending triangle rather than the double bottom. 

Conclusion 

Binance coin is near a significant resistance level, and it has formed an evening star pattern near this level. Also, the price is close to the overbought level, but still, the price has not fallen yet. The double bottom and ascending triangle patterns indicate a strong up move. However, one still needs to be careful as the reversal might happen as $338 is a significant resistance level. 

Technical Levels

Support: $242(50EMA) and $124 (Crucial support – $338)  

Resistance: Crucial resistance level $338

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Vishal Dixithttp://www.thecoinrepublic.com
Vishal Dixit is a technical analyst with over a year of experience in the Indian stock market. He likes to read, learn and practice more about cryptocurrency, Forex, and Equity. He possesses strong technical and analytical skills in the financial market which comes from a strong background as a chemistry graduate and chess enthusiast.

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