Binance Coin (BNB) has been trading within an ascending triangle pattern since August 6, following a significant drop to a five-month low of $463.97 during the market decline on August 5. The current price is $522.63, marking a 16% increase since the dip.
This ascending triangle pattern signifies bullish momentum, with a range defined by a flat horizontal resistance line above and a rising support line below. Buyers are gaining strength, pushing the price higher, while sellers maintain steady resistance at $524.
If BNB surpasses this resistance, it could signal increased buying pressure over selling activity, potentially leading to a continued uptrend. The Parabolic Stop and Reverse (SAR) indicator supports this outlook, showing a strong bullish bias as its dots are currently below BNB’s price.
The Parabolic SAR tracks price direction and identifies potential reversal points. Dots below the price indicate an uptrend, suggesting that the asset’s price has been rising and that growth might continue. Additionally, the Moving Average Convergence Divergence (MACD) indicator reflects stronger buying pressure than selling activity, with the MACD line positioned above the signal line, further confirming bullish momentum.
If buying pressure continues and pushes BNB above the horizontal resistance at $524, the price could climb to $561.09, signaling a decisive overcoming of selling pressure and allowing the uptrend to continue. Conversely, a decline in demand at this resistance level could cause BNB’s price to fall below $500, potentially triggering further selling. If bearish momentum intensifies, BNB could face a deeper pullback to critical support at $476.32.
