90% rally underway for Binance coin, as BNB technicals paint a bullish Pennant

Binance coin, BNB, Pennant, bullish rally
“RAF Tornado GR4 Jet Taking Off During Ex Red Flag in the USA” by Defence Images is licensed under CC BYNC 2.0

Key Binance Takeaways:

  • Binance Coin (BNB), the native token of Binance, the largest crypto exhcange by daily transaction volume, gained 11% in 24 hours.
  • The digital asset flashed a bullish setup that could see BNB at new all-time highs.
  • Crypto analysts see gains ahead for the third largest cryptocurrency by market cap.

YEREVAN (CoinChapter.com) – Binance Coin price pumped 11% in the past 24 hours, leaving the digital asset only 12% shy of its previous $704 all-time high. BNB/USD exchange rate hit 612 in the New York session Friday while the chart flashed a bullish setup dubbed the ‘Pennant.’

BNB daily price action

Binance Coin traded in a bullish Pennant for over five months. The latter features two converging trendlines with similar slopes. The resistance line capped BNB’s attempts to breakout and formed after establishing the previous all-time high in May. On the other hand, the ascending trendline prevented sharp declines and was instrumental since Feb 2021.

The Pennant typically occurs after a rally and promises gains equal to the previous uptrend (flagpole). BNB broke the resistance line on Oct 29 and has gained 30% since then. If the formation pans out, Binance Coin could see an additional 90% gain and hit a new all-time high at $1,160.

Binance coin in a bullish Pennant. Source: BNBUSD on TradingView.com
Binance coin in a bullish Pennant. Source: BNBUSD on TradingView.com

Also read: BNB signals bull run towards $1K as Binance flirts with a token burning proposal

Additionally, the digital asset charted above its 20-day exponential moving average (EMA-20; blue wave on the chart above). The wave provided assistance in confluence with the $513 resistance/support line.

BNB price could retest the said support before attempting to break above the $700 line and subsequently ascend to the set target.

Analysts agree with the bullish outlook.

An AI specialist and a crypto analyst with the Twitter handle CryptoNTez predicted a similar scenario, based on technical analysis. They used an indicator of their own invention, named UCTS (Ultimate Crypto Trading Strategy). UCTS considers several other indicators and allegedly provides a strategy for entering and exiting the market.

According to the analyst, the current session is a profitable opportunity to place a long bid on Binance Coin.

Also read: Binance Coin jumps 23% on the back of billion-dollar fund launch

A crypto analyst, known as Altcoin Sherpa, also offered his views on Binance Coin.

BNB: Expecting this to continue grinding up to the $600s. All-time highs in the USD pair coming but I don’t think this is going to outperform BTC personally.

said the analyst.

How useful was this post?

Click on a star to rate it!

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com