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Binance Coin (BNB) Goes Ballistic After Breaking Out From Bullish Pattern

2 mins
Updated by Kyle Baird
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The BNB price has successfully completed a double-bottom pattern. Since Feb 6, the rate of increase has accelerated and the price has increased by 25%.

BNB Highlights

  • The BNB price has successfully completed a double-bottom formation.
  • The price is possibly following an ascending support line.
  • There is support at ₿0.00205 & ₿0.0022.
  • There is resistance at ₿0.0026, ₿0.0029, and ₿0.0036.
Trader and market analyst @BTC_JackSparrow outlined a BNB price chart and stated that he is exiting a percentage of his position at the current price level. His final target is given at ₿0.0029.

BNB Double-Bottom

On Dec 19 and Jan 9, the Binance Coin price made a double-bottom near ₿0.0018. Since then, the price has increased by almost 40%. After the double-bottom, the price validated the breakout level at ₿0.0019 and moved upward, greatly accelerating its rate of increase. Binance Coin Double Bottom However, the price has found resistance at ₿0.0026. If BNB decreases, the breakout level at ₿0.00205 is likely to provide support in the future. The price has moved above the 50 and 200-day moving averages (MA), the former of which has begun to turn upwards, possibly signaling that it will make a bullish cross in the future. The 200-day MA reveals another possible support area at ₿0.0022. Binance Coin Moving Averages

Future Movement

In the long-term, the price has also created a double-bottom in September and December of 2019. A movement that travels the entire height of the pattern would take the price to ₿0.0029, fitting very well with the target given in the tweet. This would make for an increase of 26%. Unlike the shorter-term double-bottom, the price has yet to validate the breakout level. The next target is given at ₿0.0036 — very close to the all-time high price. Weekly Chart BNB In the short-term, there is a possible resistance (now turned support) ascending line that the price is following. It is currently in the process of validating it as support, and a bounce on this line could be the initiator of the move towards ₿0.0029. In addition, even though the short-term RSI is overbought, it has yet to generate any trace of bearish divergence, so the move is likely to continue. Short-Term BNB To conclude, the BNB price has created double-bottoms in both the short and long-term and has broken out above local resistance. It is expected that the upward move will continue at least until the price reaches the ₿0.0029 resistance area.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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