BNB Breaks Out – price currently moving upwards above Support – Binance Coin (BNB) has finished a double bottom pattern. Following this, it broke out from a descending resistance line. At the moment, the crypto is on the path of a short-term ascending support line. Remarkably, BNB is currently trading above the $315 area of horizontal support.
In detail, on both May 23 and June 22, BNB finished a double bottom pattern within the area of $240 horizontal support. The pattern occurred along with bullish divergences in the RSI, MACD, and Stochastic oscillator.
Finally, on July 3, the crypto broke out from its descending resistance line. As of now, the crypto set a local record high of $340 on July 7, 2021. The next closest resistance levels are most likely $395 and $452. Respectively, these target the 0.382 and 0.5 Fib retracement resistance levels.
Analysts are sure that the upcoming upward movement will take the crypto to $380 at least. Still, others believe this is inevitable as they expect Binance Coin to hit $500 this year. There could be many reasons to support this.
Although it may seem unlikely, what with Binance having to make some hard decisions lately. In particular, it had to pull out of Ontario for regulatory reasons. Besides this, the UK and many other nations and institutes have been giving the exchange a hard time.
However, with its charismatic leader, Changpeng Zhao (CZ), the exchange is steadily working to bring its users and the entire crypto community the best possible services it can offer. For instance, Binance is thriving in terms of its Binance Smart Chain project.
Recently, Binance Smart Chain hit $12 million in staked BNB. This was a huge milestone for the brand. Thus, it was only a matter of time that the price of BNB went up as well. At this rate, it is most likely for the price to keep climbing up. Lastly, BNB/BTC is trading inside a symmetrical triangle since May 13. Traders and analysts expect to see a flip from this neutral pattern to an upward move. Hence, it seems another breakout is very likely. At the time of writing the price of BNB is $305.15.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.