After
a
rally
to
create
an
all-time
high,
the
price
of

Binance
Coin
(BNB)
has
been
in
a
consolidation
zone.
During
this
consolidation,
BNB’s
price
has
managed
to
form
a
bullish
triangle
flag
above
the
100-day
Simple
Moving
Average
(SMA)
in
the
1-day
timeframe.

Currently,
the
price
of
Binance
coin
is
moving
between
the
$647
resistance
level
and
the
$498
support
level
building
momentum
for
a
bullish
breakout
with
a
total
capitalization
of

$89,412,113,586,
which
is
about
1.70%
up
in
the
last
24
hours,
and
a
trading
volume
of
$1,535,069,940,
over
37%
down
in
the
last
24
hours.

At
the
time
of
writing,
BNB’s
price
was
trading
around
$604
above
the
100-day
simple
moving
average,
about
0.65%
up
in
the
last
24
hours.

 

BNB
Technical
Analysis
Using
Key
Indicators

Technically
looking
at
the
digital
asset’s
price
chart
in
the
1-day
timeframe,
it
can
observed
that
the
price
is
trading
above
the
100-day
moving
average.
This
could
be
an
indication
that
BNB
might
move
upward,
therefore,
suggesting
that
it
could
break
above
the
upper
base
of
the
bullish
triangle
for
an

upward
movement.

The
signal
line
of
the
Relative
Strength
Index
(RSI)
having
moved
above
and
below
the
zero
line
is
currently
trending
above
the
zero
line.
This
formation
of
the
RSI
indicator
suggests
that
the
price
might
go
bullish
and
break
above
the
upper
base
of
the
bullish
triangle.

The
Williams
alligator
indicator
also
suggests
that
the
price
might
move
upward
as
both
the
alligator
teeth
and
jaw
are
above
the
alligator
lip,
while
the
price
is
above
the
indicator.
With
this
formation,
it
can
be
suggested
that
BNB’s
price
might
rally
above
the
bullish
triangle.

Potential
Price
Results 

Finally,
if
the
price
of

BNB breaks
above
the
bullish
triangle,
it
might
move
to
break
the
previous
high
of
$647,
and
if
it
breaks
this
level,
the
price
might
move
even
higher
to
create
a
new
all-time
high.

 

If
the
crypto
asset
fails
to
break
above
the
bullish
triangle,
it
might
move
downward
and
break
below
the
bullish
triangle
and
might
even
move
further
toward
the
$498
support
level.
Should
it
break
this
level
it
might
undergo
a
deeper
correction
to
test
the
$384
support
level.

Featured
image
from
Binance,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie

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