Binance Coin headed toward a possible price surge on breaching ascending triangle pattern

The recent crash in the crypto market left almost all the coins including king coin taking a beating. Despite the several announcements and developments in its ecosystem, the price of the Binance coin [BNB] had fallen by 24.56% over the last seven days. At the time of writing, BNB was priced at $15.57 and recorded a 0.52% fall in price over the past one hour. The short term charts of the coin are hinting toward a breach in bullish patterns.

1-Hour Price Chart

Source – Trading View

The hourly chart of Binance Coin exhibited a descending channel with lower highs at $15.76, $15.72 and $15.56. The lower lows on the one-hour chart for BNB were recorded at $15.68, $15.54 and $15.45. The price action of BNB within the descending channel hinted at a potential rise in its price.

50 moving average was seen under the 100 moving average indicating a bear market. MACD indicator was seen below the signal line further highlighting presence of bears in the BNB market.

4-Hour Price Chart

Source – Trading View

4-hour chart for Binance Coin formed an ascending triangle pattern as the price was seen moving between two trend lines. The sloping trend line revealed higher highs for the coin at $15.89, $15.82 and $15.72 while the support line exhibited higher lows at $14.82, $14.97 and $15.25. The pattern further indicated a prospective price breakout in the upward direction.

50 moving average in this chart was seen under 100 moving average, implying a bearish market. However, MACD line was above the signal line further indicating the existence of bulls in the BNB market.

Conclusion

The 1-hour chart and the 4-hour chart for the Binance coin[BNB] indicated that the price of the coin may witness a possible uptrend as it would breach the bullish patterns.