BNB Trades over Horizontal Support after a Breakout

Briefly

  • Binance Coin has completed the double bottom formation.
  • The altcoin has broken out of the declining resistance level.
  • BNB price is moving up at the moment.

As of today, BNB completes its double bottom pattern. With such price movements, the alternative coin managed to break out of a descending resistance level. For now, investors can have hope since the asset indicates short-term price gains. Surprisingly, Binance Coin trades over the horizontal support at $315 when writing this report.

Remember, BNB finished a double bottom shape in the horizontal area at $240 both on 23 May and 22 June. Also, the double bottom pattern came with bullish deviations in the stochastic oscillators, MACD, and RSI.

Lastly, the coin broke from its declining resistance line on 3 July. Keep in mind that BNB had a $340 record local high on 7 July this year. Meanwhile, the asset might experience hurdles in the $395 or $452 resistance zones.

Market analysts expect the anticipated uptrends to take Binance coin to $380. However, keep in mind that everyone has his unique views in this industry. Some market players believe that BNB must hit $500 in 2021. What do you think about that? Remember, various reasons account for such claims.

Remember, the Binance platform faced challenges recently, suspending Ontario operations due to regulations. Moreover, the United Kingdom and multiple countries and institutions have attacked the crypto exchange in recent times.

However, Changpeng Zhao, Binance’s charismatic leader, guarantees crypto enthusiasts quality and money-making services in the future. For instance, the exchange is working tirelessly on its ‘Smart Chain’ (BSC) project.

Keep in mind that BSC claimed $12 million in betted BNB, marking a lucrative milestone for the platform. After that, the altcoin saw gradual increases. With the current situation in the Binance network, the coin has odds to climb higher.

At the moment, BNB-BTC trades in a symmetrical triangle that has existed since 13 May. Market analysts expect a flip to the upside, affirming another breakout.

While writing this content, Binance Coin trades at $305.15.

Do you think that BNB will sustain the existing uptrend? You can comment below.

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