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Here’s Why Binance Coin Price is Already on Track for a New All-Time High – Crypto News

Published

1 year ago

April 13, 2024

Dripp

Binance Coin Price: For over a month, the crypto market trend has been sideways following the lead of Bitcoin price resonating around $70000. This lateral move is viewed as pre-halving consolidation throwing the weak hands off the market to attract buyers with strong conviction. As a result, the majority of altcoins wavered in uncertainty including Binance coin (BNB). However, this asset still hovering above the healthy retracement level indicates the broader trend remains bullish.

Also Read: Crypto Price Prediction 4/12: Top Altcoins to Focus Ahead of Bitcoin Halving

Will Market Sell-off Push BNB Price Below 500?

BINANCE:BNBUSDT Chart — Binance Coin Price| Tradingview

BNB, the native cryptocurrency on the Binance Exchange, has been wavering sideways for over a month amid broader market consolidation. This lateral movement confined within two converging trendlines indicates the formation of a pennant pattern.

The chart pattern provides an opportunity for buyers to gather strength for the next upward movement. However, on Friday, the cryptocurrency market witnessed a sudden sell-off, with Bitcoin dropping by 4.45% and Ethereum plunging 7.87%.

This sell-off caused the Binance Coin (BNB) price to retreat from the triangle’s upper boundary, decreasing by 2.86% to $588. This suggests a potential continuation of sideways trading until a decisive breakout occurs above the triangle’s edge.

Despite the recent pullback, the pattern’s inherently bullish nature, coupled with the upcoming Bitcoin halving, suggests that BNB is more likely to surpass the overhead resistance. A successful breakout could propel the asset past its previous high of $691, aiming for a new target of around $778.

Also Read: Crypto Prices Today April 12: Bitcoin At $71K, ETH Dips Below $3600 As SOL & ADA Recover

Technical Indicator:

Exponential Moving Average: The fast-moving 20 EMA asset offers dynamic support to BNB price during market corrections.
Relative Strength Index: The daily RSI slope above 50% the market sentiment remains bullish.