During the current bull run, Binance Coin has been holding support at a higher price range. Valued only $40 at the end of January, BNB is currently priced at $576. With a market cap of $88 billion, the asset was ranked 3rd in the charts, and as far as trends are concerned, another bullish break over the long term is likely.
Binance Coin 12-hour chart
BNB/USDT on Trading View
The 12-hour chart of Binance was indicative of another symmetrical triangle. Establishing higher lows and higher highs in the chart, the asset is presently suggesting a bullish breakout. BNB continues to receive support from 50-Moving Average. SSL indicator turned positive at present, identifying a buying opportunity for the traders.
Considering that the previous high of $637 has been surpassed, the next target of Binance Coin is at $735, followed by a 2nd reach at $795.
Market Rationals & Identifying Alternate direction
BNB/USDT on Trading View
Though a bullish breakout might be evident, meeting those price targets may be a different question altogether. Back in March, BNB indicated a similar situation where the price was about to break out but the asset was held back by further correction.
MACD indicator was bullish but it draws a similar picture to its position witnessed during the 2nd week of March. Hence, the present situation may turn fairly bearish after the pattern is mildly breached. A period of consolidation carries a high level of possibility as well, with the price moving towards the support under the $500 mark.
Relative Strength Index remained under the overbought zone but overall buying pressure was bullish for the asset.
Conclusion
Regardless of its bullish characteristics long term, Binance Coin may consolidate in the upcoming week.
