After a rally to create an all-time high, the price of Binance Coin (BNB) is in a consolidation zone. During this consolidation, BNB price managed to form a bullish triangle above the 100-day simple moving average (SMA) on a 1-day time frame.
Currently, Binance coin price is moving between the resistance level of $647 and the support level of $498, creating momentum for a bullish breakout with a total capitalization of $89,412,113,586, up approximately 1.70% over the past 24 hours, and a trading volume of $1,535,069,940, down over 37% over the past 24 hours. At the time of writing, BNB price was trading around $604 above the 100-day simple moving average, up around 0.65% over the past 24 hours.
BNB Technical Analysis Using Key Indicators
Technically, looking at the price chart of the digital asset on a 1-day time frame, one can observe that the price is trading above the 100-day moving average. So this could be an indication that BNB could be moving higher, suggesting that it could rise above the upper base of the bullish triangle for some time. upward movement.
The Relative Strength Index (RSI) signal line 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 could turn bullish and break above the upper base of the bullish triangle.
The Williams Alligator Indicator also suggests that the price could rise because the alligator’s teeth and jaw are above the alligator’s lip, while the price is above the indicator. With this formation, it can be suggested that BNB price could move back above the bullish triangle.
Potential price results
Finally, if the price of BNB exceeds the bullish triangle, it could cross the previous high of $647, and if it crosses this level, the price could rise further to create a new all-time high.
If the crypto asset fails to break out above the bullish triangle, it could move down and below the bullish triangle and could even move closer to the $498 support level. If it breaks above this level, it could undergo a deeper correction to test the $384 support level.
Featured image of Binance, chart from Tradingview.com
