BNB has formed a Triple top pattern on the daily chart. On daily time frames, BNB price remains bullish, trading near the ascending triangle pattern.
in a bearish crypto market.
In the previous seven days, the 4th largest cryptocurrency by market cap has gained by more than 17%. This comes at a time when other top tokens, like Bitcoin, are struggling to trade in the green.
At the time of writing, BNB has also gained significantly against Bitcoin and Ethereum. Specifically, the token has gained around 5.52%. The coin is trading near $335, near to its 24-hour high of $338.90.
Since June, the price of BNB has been bullish. It would, however, collapse in September after being rejected by the crucial resistance level of $337. This price threshold had remained unbroken for the previous six months—until this October.
The digital asset has formed higher highs and lower lows, indicating that buyers are in control. Binance Coin price analysis on the 4-hour chart shows bullish signs as the digital asset breaks through. On the 4-hour chart, there is a bullish flag pattern breakout seen.
Until recently, BNB struggled to enter a high volatility phase, following in the footsteps of the king coin and most altcoins. With buyers triggering a strong uptrend above the 20, 50, 100 and 200 MA during the pastdays, bulls will attempt to maintain their edge in the upcoming sessions.
From the $265 support level, the BNB price began a new rally against the US Dollar. BNB is now trading in the red. After establishing a base above $265, the BNB price began a strong rise. The bulls took control, causing a rally above the $280 and $285 resistance levels.
After breaking through the $320 barrier and the 100 hourly simple moving average, the price rose. Finally, it broke through $338.70 to set a new six month high.
On the upside, the $340 is an immediate resistance level. The next major resistance is at the $344 level, over which the price is expected to aim for a near-term test of the $350 level. Any more rises might push the price up to $360.
The first significant support is between $340. The next support level is at $330 and the 9 hourly simple moving average. The major support is located at $323, and the 50 hourly simple moving average. If the price breaks below the $323 support, it might continue to fall towards the $315 support.
According to Price Analysis, The market capitalization of this BNB is estimated to be $53,623,060,712. The 24-hour trading volume for the coin is around $1,646,284,290. BNB market capitalization has risen by 5.64%. However, trade volume increased by 41.35% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $344-$349
SUPPORT LEVEL : $330-$323
Following the FED rate rise, BNB is trading near a six-month high, forming a triple top and ascending triangle pattern. Will BNB break through the triple top? Could you please remark on the preceding statement?
