• 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

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.

 BNB MVRV ratio

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Binance Coin Price Prediction: Two things need to happen for BNB to hit $450

Binance Coin Price Prediction: Two things need to happen for BNB to hit $450

Binance Coin price could be running out of gas to continue its massive rally. While the last five days have been exciting times for holders, the following days will need to be closely monitored. The threat of a downswing looms for BNB.

More Binance Coin news

Litecoin Price: Two reasons why $100 LTC is not coming anytime soon

Litecoin Price: Two reasons why $100 LTC is not coming anytime soon

Litecoin price embarked on an incredible rally after the FTX-induced crash bottomed on November 9. Due to the explosive moves, many investors are in profit. However, for a further extension of this move, a minor retracement might be necessary.

More Litecoin news

Does Goldman Sachs stock market forecast apply to Bitcoin?

Does Goldman Sachs stock market forecast apply to Bitcoin?

Goldman Sachs, a multinational investment bank, revealed In a note to investors a gloomy outlook for stock markets in 2023. The analysts believe that a short-term drop in the S&P 500 is likely. Bitcoin, however, has been highly correlated with the stock market.

More Bitcoin news

Crypto.com price tightens, hinting at a 20% upswing

Crypto.com price tightens, hinting at a 20% upswing

Crypto.com price shows a tight consolidation with higher lows, suggesting a build-up of bullish momentum. Investors can expect a 20% rally from the current position to $0.0785 in the coming week. A daily candlestick close below $0.0612 will invalidate the bullish outlook for CRO.

More Crypto.com news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP