BNB Breaks Out Of Consolidation Zone, Uptrend Persist
05 Giugno 2024 - 1:00PM
NEWSBTC
Recently, BNB (BNB) broke out of the consolidation area, indicating
a potential significant upward trend. The fact that the token has
risen beyond the $700 mark suggests that the market is recovering
strongly and that traders and investors are becoming more
optimistic. BNB has increased noticeably by 12% in the last 24
hours, carrying on its strong trend from the previous week and
month. This breakout has drawn notice, and some analysts anticipate
substantial gains if the bullish trend continues. BNB’s price was
up by 3.56% as of the time of writing, trading at approximately
$710, with a market capitalization of over $104 billion and a
24-hour trading volume of over $4.2 billion. In the past day, there
has been a 12.73% increase in market capitalization and a 79.6%
increase in trading volume. Price And Indicators Formation On BNB
4-hour And 1-day Chart As of right now, BNB is trading above the
100-day Simple Moving Average (SMA) with good rising momentum in
the 4-hours chart. This implies that the price is still positive
and there is still a possibility for price growth. The 4-hour
Moving Average Convergence Divergence (MACD) also signals that BNB
might continue to move bullishly as the MACD histograms are
trending above the MACD zero line. In addition, the MACD line and
the MACD signal line are currently trending above the zero line
with a good spread between them, suggesting that there is still
room for BNB to move upward. In the daily time frame, it can
be observed that BNB made a successful break out above its
consolidation zone on the previous day and moved on to break its
previous all-time high of $692. At this point, the price of BNB is
still showing good momentum to move higher. Additionally, the 1-day
MACD also displays a bullish signal as the MACD Histograms are
currently trending above the MACD zero line. Also, both the MACD
line and the MACD signal line are trending above the zero line with
a good space between them, which indicates that BNB’s price might
still move upward. Significance Of The Breakout In conclusion,
since prices have broken above the consolidation zone, BNB will
definitely move to create higher highs and lows if the price
continues to move upward. However, if it fails to move upward, it
will start to descend in the direction of the upper base of the
consolidation zone for a retest. If this upper base is unable to
hold the price, it will continue to move downward to test the $509
support level and might even move further to test other support
levels. Featured image from Binance, chart from Tradingview.com
Grafico Azioni Binance Coin (COIN:BNBUSD)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Binance Coin (COIN:BNBUSD)
Storico
Da Set 2023 a Set 2024