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Will BNB Coin Establish a New All-Time High This Weekend?


BNB Coin’s price is close to breaking and making records following a struggle to find the right moment.

After failing multiple breaches, BNB is ready to break out if the investors can help.

BNB Investors Exhibit Bullishness

BNB Coin’s price is trading at $621 within an ascending triangle pattern, and to break out of it, the Binance native token will have to find support first. Fortunately for the cryptocurrency, investors are seemingly in a mood to accumulate.

This is verified by the uptick in the Chaikin Oscillator, which indicates whether the asset in focus is observing buying or selling pressure. A rise above zero suggests that buying pressure is increasing, which is also the case with BNB.

BNB Coin Chaikin Oscillator.
BNB Coin Chaikin Oscillator. Source: TradingView

Considering this as a hint of potential accumulation, the asset does seem to be in a good state to draw further investment.

Read More: BNB: A Comprehensive Guide to What It Is and How It Works

BNB Sharpe Ratio:
BNB Sharpe Ratio: Source: Messari

Thus, BNB will likely post good risk-adjusted returns, which will attract new investors to the asset and, in return, boost BNB Coin’s price.

BNB Price Predicition: Awaiting a Breakout

BNB Coin’s price action is currently constricted within an ascending triangle pattern. A horizontal resistance line and a rising trendline characterize this bullish continuation pattern. It indicates increasing buying pressure and potential for an upward breakout.

Based on the pattern, the target for the Binance native token following a breakout is $764, marking a 21% rally. However, the more realistic outlook is that owing to the aforementioned cues, BNB Coin’s price will certainly cross the present all-time high of $676 to mark new highs.

BNB/USDT 1-day chart.
BNB/USDT 1-day chart. Source: TradingView

Read More: How To Buy BNB and Everything You Need To Know

However, if the BNB Coin’s price fails, the breach of $656 falls through the lower trend line of the pattern, and it could drop to $575. Losing this level would invalidate the bullish outlook, followed by a decline to $550.

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Conclusion

In conclusion, BNB Coin’s price is on the verge of breaking out and making new records as it trades within an ascending triangle pattern. The bullishness of investors, as indicated by the uptick in the Chaikin Oscillator, suggests potential accumulation and further investment in the asset. The target for BNB following a breakout is $764, with a realistic expectation of surpassing the current all-time high of $676. However, failure to breach $656 could lead to a drop to $575, invalidating the bullish outlook. Overall, the bullish sentiment, technical analysis, and investor behavior indicate that BNB Coin’s price is poised for a significant move in the near future.

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