Technical signals predict Binance Coin (BNB) is about to break out

Binance Coin (BNB) has been trading within an ascending triangle pattern since August 6, after plummeting to a five-month low of $463.97 during the general market decline on August 5 .

BNB is currently trading at around $522.63, up 16% since that day's drop.

Also Read: Investors flee BNB due to concerns about prolonged decline

Binance Coin Attempts to Break Resistance

An ascending triangle pattern forms when an asset's price moves within a range defined by a flat upper horizontal resistance line and an ascending lower support line. This pattern signals bullish momentum, showing that buyers are gaining strength and pushing prices higher, while sellers maintain steady resistance.

Since BNB started trading in this pattern, it has encountered resistance at $524, which it is currently aiming to break. If BNB breaks this resistance, it would signal that buying pressure has overcome selling pressure, which could lead to a continued uptrend.

Supporting this scenario are BNB's technical indicators. For instance, the Parabolic Stop and Reverse ( SAR ) indicator shows a strong bullish trend, as the indicator's current dots are below BNB's price.

The Parabolic SAR indicator tracks the price trend of an asset and identifies possible reversal points. When its dots appear below the asset price, it indicates an uptrend, indicating that the asset price is rising and the growth is likely to continue.

Additionally, BNB ’s Moving Average Convergence Divergence (MACD) indicator reflects stronger buying pressure than selling pressure. Currently, the MACD line (blue) is above the Signal line (orange), further confirming the bullish momentum.

This means that BNB 's short-term moving Medium is rising faster than its long-term moving Medium . Traders see this as a bullish signal to buy and exit Short positions.

BNB Price Prediction : Rise to $561 or Fall to $476

If the buying pressure is strong enough to push BNB above the horizontal resistance at $524, its price could rise to $561.09, a key target according to the ascending triangle pattern. This would indicate that buyers have decisively overcome the selling pressure, allowing the uptrend to continue.

However, if demand declines at this resistance level, BNB 's price could drop below $500, which could trigger further selling. If the bearish momentum is strong, BNB could face a deeper pullback to $476.32, a key support level where buyers could attempt to regain control.

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