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

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The price of Binance Coin on Binance has been following a sideways pattern for over a month, mirroring Bitcoin‘s price hovering around $7000. This period of stability is considered pre-halving consolidation, which pushes out weaker investors and attracts strong buyers. Consequently, most altcoins, including Binance Coin (BNB), have been uncertain during this time. However, BNB‘s position above the healthy retracement level indicates that the overall trend remains bullish.

Will Market Sell-off Push BNB Price Below 500?

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

For about a month now, Binance Coin (BNB), the native cryptocurrency on the Binance Exchange, has been moving back and forth in a narrow range as part of the overall market’s consolidation. This sideways movement, sandwiched between two trendlines that are converging, suggests the potential development of a pennant pattern.

An opportunity for investors to prepare for Bitcoin and Ethereality’s next rise is presented by the chart pattern. Yet, on Friday, an unexpected selling spree hit the cryptocurrency market, causing Bitcoin to decline by 4.45% and Ethereum to drop a more significant 7.87%.

The drop in prices led Binance Coin (BNB) to pull back from the triangle’s peak, resulting in a decrease of 2.86% to $588. This indicates that the coin might continue moving sideways until there is a significant breakthrough above the triangle’s boundary.

Although there has been a recent decline, the bullish trend of BNB, combined with the upcoming Bitcoin halving, increases the likelihood that it will overcome the resistance level. If BNB manages to break through this barrier, its price could soar past its previous peak of $691 and potentially reach around $778.

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.

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2024-04-12 23:13