- Binance Coin price crosses the $290 stubborn resistance to exchange hands at $296.
- BNB is moving closer to a potential ascending triangle breakout to $470.
- The 50-day SMA is in line to back BNB price’s bid for a significant move north.
Binance Coin price is following up with its push for a sustainable rebound from support formed at $262. Despite the overarching losses experienced over the last three weeks, higher BNB prices suggest that the path of the least resistance will remain upward.
Binance Coin price flaunts a possible 41% move to $470
Binance Coin price’s daily chart reveals an ascending triangle pattern forming, which, if validated, could see a massive bullish breakout to $470. As BNB’s governing pattern matures, consolidation is expected near the apex.
It is worth mentioning that short-term declines may occur before the actual rally, but the hypotenuse will safeguard the Binance Coin price uptrend. Traders should wait until the price cracks the x-axis at $335 before signing up for the 41% jump.
BNB/USD daily chart
The Moving Average Convergence Divergence (MACD) recently presented a buy signal on the same daily chart. Buyers returned to the market as the 12-day Exponential Moving Average (EMA) crossed above the 26-day EMA – bolstering a sharp ascent to $296.
On the other hand, traders should take note of the position of the market value realized value (MVRV), an on-chain metric by Santiment, because profit taking may slow down Binance Coin price’s quest for a bullish outcome. From the chart below, the MVRV ratio stands at 31.88% above the mean line.
The last time this metric moved above the mean line, it tagged 42.81%, followed by a sharp drop in BNB price from $330 to the buyer congestion at $262. Therefore, it will not be strange to see Binance Coin price retreat before climbing the ladder again.
 [16.26.54, 13 Sep, 2022]-637986747037440690.png)
Binance Coin MVRV metric
Nevertheless, Binance Coin price will likely carry on with the higher low pattern (ascending triangle) till a breakout is confirmed above the x-axis. Besides, the 100-day SMA (blue) may provide a safety net and relieve investors if overhead pressure rises. For now, a daily close above the 50-day SMA (yellow) is what may perhaps reinforce the uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Cardano network’s Charles Hoskinson warns traders against AI token scams ahead of Apple developer conference
Charles Hoskinson, the founder of Cardano, has warned the crypto trading community against scams. With market participants watching the upcoming Apple 2023 WWDC lined up for Monday, there is a rally in artificial intelligence-based (AI) tokens.
Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request
Terra LUNA Classic price yielded double-digit gains overnight for holders. LUNC price rallied in response to the recent development in Do Kwon’s bail request. The next hearing in Kwon’s case is June 16.
Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September
Ripple has a 25% chance of winning its legal battle against the US Securities & Exchange Commission (SEC), according to pro-XRP attorney John Deaton. Over the weekend, Deaton shared his opinion on Ripple’s likelihood of both an outright win and a partial victory.
Why Solana price is primed for 30% rally
Solana price shows quite a few developments on the daily chart, all of which point to a bullish future for SOL holders. Investors can expect a quick run-up, which could develop into a medium-term uptrend if these optimistic conditions remain bullish.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.