BNB is the native token of the world’s largest crypto exchange Binance
The token has seen a double-digit jump in trading volume as the price has risen.
BNB expects a breakout from an ascending triangle pattern on 4-hours chart
BNB/USD is the native token of Binance, the world’s largest crypto exchange. Being a utility coin of a crypto exchange of Binance magnitude, BNB becomes a major token. Investors can consider potential bottoms to buy BNB.
Binance is ranked as the fifth cryptocurrency, just behind two stablecoins, Tether and USD Coin. The coin has a 24-hour trading volume of $1.26 billion, an increase of 77.40%. The trading volume is positive for the coin despite the downtrend in the overall trend. The coin has also gained over 8% in the same period. Despite improving crypto sentiment, there is no significant driver for gains.
BNB is maintaining an uptrend with an ascending triangle pattern
Source – TradingView
BNB has an established resistance at $240. Since the low of $185, the coin has been operating in a system of higher highs and higher lows. Each time the price hits resistance, an ascending triangle is formed along the uptrend. At the current $228 price, BNB is retreating after the resistance. The RSI reading indicates overbought conditions. However, the moving average strengthens the bullish outlook.
There could be two scenarios for BNB in the coming days. There is a breakout above the first ascending triangle structure. We see this as the most likely outcome if crypto sentiment improves. The second possible outcome is a pause at the bottom. The result is correct if BNB breaks below the ascending trend line and the resistance breakout fails. Investors should keep an eye on two possible outcomes.
BNB is bullish, but it needs to break the $240 resistance level to move higher. Investors should look at the ascending triangle structure to evaluate a possible direction.
BNB looks to break into an ascending triangle as the price accelerates suddenly, first appeared on CoinJournal.