- BNB is up over 1.8% in the last 24 hours.
- Most indicators and indicators looked bullish for the coin.
After a week of price declines Binance Coin (BNB) The daily chart turned green, gaining bullish momentum. In fact, things could get even better next week as BNB price moves inside a bullish pattern.
Does this mean BNB will soon reach new highs?
A bullish pattern is forming on the BNB chart
According to CoinMarketCapBNB bears have dominated the market over the past week, with the coin losing more than 3% in value.
However, the situation has turned in favor of investors as the price has surged more than 1.8% in the last 24 hours. At the time of this writing, the coin was trading at $587.39, with a market capitalization of over $87 billion.
Meanwhile, analysis of the coin’s daily chart with AMBCrypto shows that the coin’s price is moving inside a bullish symmetrical triangle pattern.
Source: TradingView
Breakouts from these patterns often lead to bullish rallies, suggesting that BNB investors could soon enjoy huge profits.
To be precise, BNB would need to break the $590 resistance area to start a rally. So AMBCrypto looked into Hyblock Capital’s data to identify the next possible target level.
Our analysis shows that the liquidation amount of BNB will increase sharply, close to $600. Therefore, if a northward price move occurs, the first viable target appears to be $600.
Going further north, if the coin successfully crosses $600, the next target could be $630.
Source: Hiblock Capital
Will BNB Breakout?
AMBCrypto checked the coin’s technical indicators to determine the likelihood of the coin breaking above the bull pattern. We notice that the Relative Strength Index (RSI) of the coin is on the rise.
Chaikin Money Flow (CMF) also showed a similar upward trend and MACD showed potential for a bullish crossover.
All these technical indicators suggested that BB was likely to break above $590.
Nonetheless, the Money Flow Index (MFI) was flat, suggesting investors may be better off seeing a few more days of slower movement.
Source: TradingView
It is surprising that the bearish sentiment surrounding the coin is still dominant in the market, with weight sentiment falling despite the price rise.
However, social volume has surged, reflecting its popularity in the cryptocurrency space.
Source: Santiment
read Binance Coin (BNB) Price Prediction 2024-25
Derivatives market conditions also looked optimistic. For example, Binance Coin’s open interest has been trending upward along with its price, indicating that the current price trend will continue.
In general, prices tend to move in a different direction from the funding rate. In this case, BNB’s funding rate drops sharply, suggesting an upward rally in the coming days.
Source: Santiment