Binance Coin's bearish narrative to flip soon; slow but sure gains ahead for BNB - AMBCrypto
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Binance Coin’s bearish narrative to flip soon; slow but sure gains ahead for BNB

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Binance’s BNB seems to be finding its support after a very long time. The price of BNB is consolidating in a bullish pattern that will yield good results for BNB after a long and weary downtrend.

At press time, the price of BNB was hovering at $15.60 with a market cap of $2.4 billion. It is still among the top 10 cryptocurrencies on CoinMarketCap, just above Bitcoin SV.

Falling Wedge

Source: TradingView

BNB’s prices have conformed to the falling wedge pattern, which is inherently a bullish pattern. The channel however, is elongated and it will take a while for the price to break out of it. The breakout might be witnessed anywhere between 30 September and 2 October.

As of now, the prices have sought support by the EMA ribbon on the one-hour time frame, but this will eventually be breached as the prices head towards the lower line of the wedge.

Target

BNB can shoot by as much as 13.44% when it breaks out of this pattern. This will put the price of BNB between $16.30 and $16.80, which is a point of strong resistance.

Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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