BNB (BNB) recently broke out of its sideways territory, indicating a significant upward trend potential. The fact that the token rose above $700 means that the market recovering This means traders and investors are becoming more optimistic.
BNB is up a notable 12% in the last 24 hours, continuing a strong trend compared to the previous week and month. The breakout attracted attention, and some analysts expect significant gains if the bullish trend continues.
The price of BNB is up 3.56% at the time of this writing, trading at around $710, with a market capitalization of over $104 billion and 24-hour trading volume of over $4.2 billion. Last day, market capitalization increased by 12.73% and trading volume increased by 79.6%.
Price and indicator formation on BNB 4-hour and 1-day charts
Currently, BNB is trading above its 100-day simple moving average (SMA) with good upward momentum on the 4-hours chart. This means that the price is still positive and there is still potential for the price to rise.
The 4-hour moving average convergence divergence (MACD) also indicates that BNB may continue to be bullish as the MACD histogram is trending above the MACD 0 line. Additionally, the MACD line and MACD signal line are currently trending above the zero line with a good spread between the two, suggesting that BNB still has room to rise.
In the daily time frame, you can observe: BNB It successfully broke above the previous day’s consolidation area and broke the previous all-time high of $692. At this point, BNB price is still showing good momentum to rise.
We also see a bullish signal in the 1-day MACD, as the MACD histogram is currently trending above the MACD 0 line. Additionally, both the MACD line and the MACD signal line are trending above the 0 line and there is enough gap between them, indicating that BNB price can still rise.
The importance of breakouts
In conclusion, BNB will definitely move to create as the price has crossed the consolidation zone. higher peak If the price continues to rise, it is at a low.
However, if the ascent fails, it begins to descend toward the upper base of the consolidation zone for a retest. If this upper base is unable to hold the price, it may continue to move downward to test the $509 support level and possibly move further out to test other support levels.
Featured image from Binance, chart from Tradingview.com