• 15 June, 2024
Market News Price Analysis

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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