BNB Chain native token BNB traded at $624 by 2:00am EST. This is a 3% increase over the past 24 hours.
BNB has gained 7% in the past week, and 16.5% during the last thirty days. The Binance token has also shown bullishness on longer-term timeframes, with gains of 110%, 202%, and 100% over the past 90 days, 6 months, and year to date, respectively.
BNB has regained its fourth place on CoinMarketCap’s ranking with a trading volume of 1,522 billion dollars and market capitalization at $93.3 billion.
Can BNB bulls scale up the price?
Bullish triangle on BNB Price indicating an Uptrend
Technically, BNB is currently trading near the horizontal resistance of its ascending triangle before the Bitcoin half-off event.
Price action and the RSI divergence indicate that bears are still determined to drive the price down.
Delay or denial may cause the price to correct toward the lower trendline of the triangle near $577, and then the psychological $500 level in May.
BNB/USD chart for the day. TradingView
A bullishness from the Bitcoin halves event could cause a rise in the crypto market as a whole, invalidating BNB’s ascending triangular setup in favor of an upward wedge pattern.
In the short term, the triangle’s target price is close to the psychological $800 level. This represents a 28% increase from the current prices.
This positive outlook was further bolstered by the upward movement both of the EMAs as well as the RSI. Price strength of 63 indicated that there are still more buyers in the market than sellers.
Subscribe to our WhatsApp or Telegram Community for Regular Tech Updates
Disclaimer: The information on the crypto and financial markets provided by Analytics Insight is sponsored content, and written solely for educational purposes. It does not constitute investment advice. Readers should be aware that Crypto-products and non-fiat currencies are not regulated, and are therefore highly risky. Losses resulting from these transactions may not be regulated. Contact financial advisors before you make any investment decisions. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Analytics Insight of being absolved from any/ all potential legal action, or enforceable claims. No cryptocurrency is owned or represented by us. Any complaints, abuse, or concerns regarding the information we provide will be reported immediately. Here is a link to the article.