BNB Price Poised for 10% Rise Amid Market Recovery; But there’s a Catch

Binance Coin Price Prediction: in the daily time frame chart, the Binance coin price has been leading its ongoing recovery under the influence of a rising wedge pattern. Amid the increasing recovery sentiment in the market, the coin price recently rebounded from the $300 support and heading toward the pattern’s resistance trendline. Can buyers breach the overhead trendline or there’s more in the sideways trend?

Key points: 

• A symmetrical triangle pattern is carrying a sideways trend, while the wedge pattern governs a bull cycle within the longer triangle
• A potential reversal from overhead trendline price will tumble the price bt 15-28%
• The intraday trading volume in the BNB coin is $910.2 Million, indicating a 74 loss

Source- Tradingview

A falling wedge pattern is characterized when the prices continue to resonate within two converging trendlines. Until this pattern is intact, the coin price may witness a steady recovery by bouncing off the support trendline. 

By press time, the BNB price traders at the $325 mark with an intraday gain of 2.3%. In response to this bullish pattern and improving market sentiment, the coin price may rise 10% to reach the pattern’s overhead trendline.

Also Read: What Are Bitcoin Ordinals And How Do They Work?

However, the resistance trendline of the symmetrical triangle pattern at the same level creates a high resistance zone. If the buyer showed a lack of commitment near this resistance, the BNB price will likely witness a bearish reversal.

This potential reversal could plunge the Binance coin price to a series of lower support such as a support trendline of a wedge pattern, followed by the bottom trendline of the triangle pattern.

Technical Indicators

Relative strength index: the daily RSI slope surge in the bullish territory reflects growth in underlying bullish momentum which increases the uptrend rally.

Bollinger Band: the coin price trades above the midline of the Bollinger Band indicate the buyers currently control the price movement. 

Binance Coin Price Intraday Levels

• Spot rate: $326
• Trend: Bearish
• Volatility: Medium
• Resistance level- $340 and $360
• Support level- $300 and $283