• 06 December, 2024
Market News Price Analysis

Binance Coin (BNB) Shows Bullish Signs Despite Recent Pullback

Binance Coin (BNB) Shows Bullish Signs Despite Recent Pullback

Crypto analyst Charting Guy recently analyzed BNB’s price action, noting a significant breakout followed by a retracement. His analysis suggests that the current pullback may present a good buying opportunity. This is supported by an ascending triangle pattern, indicating a potential bullish continuation for BNB.

The chart shows an ascending triangle pattern, characterized by a horizontal resistance around $660 and an upward-sloping support starting from mid-March. This pattern typically signals a bullish trend, suggesting the price is likely to break out upwards. Recently, BNB’s price broke above the resistance line, reaching a high of approximately $717 before retracing.

Following this breakout, there was a significant pullback, with the price falling back towards the previous resistance line, now acting as support. This retracement is common post-breakout, as traders take profits and the market tests the new support level. The support level around $660 is crucial for confirming the breakout.

The key resistance level is around $660, with support at approximately $600, as indicated by the ascending triangle’s upward-sloping line. At press time, BNB’s price is around $615.09, down 4.79% in the last 24 hours with a trading volume of $3,300,296,307.

BNB Shows Strong Bullish Signals: What’s Driving the Surge?

The breakout from the ascending triangle suggests a bullish outlook for BNB. The retracement to the $660 level could be a buying opportunity if this support holds. However, if the price fails to maintain this support, it might fall further towards the next support level around $600. The overall trend within the triangle pattern has been upward, indicating a bullish sentiment.

BNB’s recent price action shows a bullish breakout from an ascending triangle pattern. The current retracement to the $660 support level is typical and may provide a buying opportunity if the support holds. However, failure to hold this level could lead to further price corrections.

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