2024-04-27 05:04:55
- BNB has increased by more than 8% in the last seven days.
- Most metrics and indicators looked bullish for the coin.
GDP showed a promising bullish rally last week when the price rose over 8%. While that was happening, a bullish pattern emerged on the coin’s price chart. If BNB succeeds in breaking out of the pattern, the price may become volatile towards the north.
Bullish pattern on the BNB chart
After a comfortable weekly rally, the coin’s volatility dropped as it only moved marginally in the last day. According CoinMarketCapThe BNB rate fell by 0.5% in the last 24 hours.
At the time of writing, it was trading at $608.62 with a market capitalization of over $89.8 billion. However, BNB volatility may reset soon.
Captain Faibik, a popular cryptanalyst, recently published a cheap mentions the formation of a bullish symmetrical triangle pattern on the forex chart. A successful breakout above the pattern might also allow the BNB price to rise above 40%.
Investors also seemed quite confident in BNB and expected its value to rise. This was evident in the fact that the currency’s weighted sentiment increased on 25 April.
Social volume also remained high, reflecting its popularity in the crypto space.
Is a bullfight inevitable?
AMBCrypto then checked other data sets to determine if the coin was likely to test the bullish pattern.
An analysis of Santiment data revealed that BNB’s open interest increased along with the price. This suggested that the coin’s bullish rally might continue.
Furthermore, the financing rate fell drastically. In general, prices tend to move in the opposite direction of the funding rate, further suggesting a bullish rally in the coming days.
The technical indicators also seemed quite optimistic. For example, Chaikin Money Flow (CMF) was well above the neutral mark of 0. At the time of this publication, it had a value of 0.15.
The good news was that the Money Flow Index (MFI) registered a sharp decline, increasing the chances of a price increase.
However, the Bollinger Bands signaled that the BNB price was in a less volatile zone, which meant that the coin’s price might now show an unprecedented northward rise in the short term.
Realistically, here it is BNB’s market value in the form of SOL
AMBCrypto then checked Hyblock Capital data to find possible targets for BNB if it manages to start another bullish rally.
Based on our analysis, it is crucial for BNB to break above $620 as the liquidation will increase dramatically at that level. An increase in liquidation often results in a price correction. A successful breakout above that level might allow the coin’s price to exceed $650.
This is an automatic translation of our English version.
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