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.
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.
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.