September 30, 2022

Binance Coin Price Analysis: Completing The Cup And Handle Pattern, The BNB Coin Could Hit The $1000 Mark

2 min read

The BNB coin price offers an impressive healing from its recent correction to the$515 mark. The price is up by 26 %from November’s low and seems ready to retest the All-Time High resistance around $680. With this exact same resistance as the neckline, the coin also reveals a Cup and Handle pattern, showing much more potential for the coin after a bullish breakout

Key technical points:

  • The BNB coin acquires dynamic support from the 50-day EMA
  • The BNB everyday RSI considerable divergence in the daily RIS chart
  • The intraday trading volume in the BNB coin is $33 Million, indicating a 16.43% walking.

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/u/u1O84Ull.png"alt= "TradingView Chart"/ >

Source-BNB/USD chart by Tradingview As discussed in my previous article on BNB/USD, the technical chart displays a Cup and Handle pattern in the daily timespan. This pattern’s neck line or the vital resistance zone is around the $670 mark. The rate is presently standing at the doorstep of this resistance, and the crypto traders need to be patient till we see a correct breakout from this level.

The BNB coin cost is trading above the EMA line(20, 50, 100, and 200), supporting a strong uptrend in this coin. Furthermore, the 50 EMA line act as strong vibrant assistance for the price.

The Relative Strength Index( 56) presents an obvious bearish divergence in its chart, showing weak point in this rally.

BNB/USD 4-hour Time Frame Chart

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/1/1tFlr2oP.png"alt="TradingView Chart"/ > Source-BNB/USD chart by Tradingview

This lower time frame chart reveals a stable uptrend for the BNB coin. Though the rate action and bearish divergence in RSI are contracting each other, the safe traders can keep a bullish belief till the rate is sustaining above the ascending trendline, which has actually offered multiple assistance to the coin rate.

Based on the Fibonacci extension level, the crypto traders can expect some great target/resistance level for the coin price at $850( 1 FIB level), followed by $1000( 1.414 FIB level)

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