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Home Cryptocurrency BNB Forms Bullish Flag Pattern on 1-Day Chart – What Happens Next?

BNB Forms Bullish Flag Pattern on 1-Day Chart – What Happens Next?

by xyonent
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Bnb Image From Binance.png

After rising to new all-time highs, the price of Binance Coin (BNB) is in a consolidation zone. During this consolidation, the price of BNB has managed to form a bullish triangle flag above the 100-day Simple Moving Average (SMA) on the 1-day timeframe.

Currently, Binance Coin price is moving between the resistance level of $647 and the support level of $498, picking up bullish breakout momentum in total capitalization. The price is at $89,412,113,586, up about 1.70% in the last 24 hours, while the trading volume is at $1,535,069,940, down over 37% in the last 24 hours. At the time of writing, BNB price is trading around $604 above its 100-day simple moving average and has risen by around 0.65% over the past 24 hours.

BNB technical analysis using key indicators

Technically, if we look at the digital asset price chart on a 1-day time frame, we can see that the price is trading above the 100-day moving average, which could be a sign that BNB may rise and therefore surpass the upper base of the bullish triangle in an uptrend.

The signal line of the Relative Strength Index (RSI) has been moving above and below the zero line and is currently trending above the zero line. This formation on the RSI indicator suggests that prices may turn bullish and surpass the upper base of the bullish triangle.

The Williams Alligator indicator is also suggesting that the price may rise as the price is above the indicator while both the alligator’s teeth and jaws are above the alligator’s lips. This formation suggests that the price of BNB may rise above the bullish triangle.

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Potential Price Outcomes

Finally, if the price of BNB rises above the bullish triangle, it could potentially break out of the previous high of $647, and if it does break above this level, the price could rise further and create a new all-time high.

If the crypto asset fails to break out of the bullish triangle, it may turn down and break below the bullish triangle and move further towards the support level at $498. A break above this level could trigger a deeper correction to test the support level at $384.

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BNB is trading at $604 on 1D chart | Source: BNBUSDT Trading View

Featured image from Binance, chart from Tradingview.com

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