Binance Coin (BNB) has solidified its role as one of the leading cryptocurrencies in the market, benefiting from its strong ties to the Binance ecosystem
Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines
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BNB Price Target
- Current Price: $592.39
- Market Cap: $87.42 billion
- 24-hour Trading Volume: $1.42 billion
- Circulating Supply: 147.58 million BNB
- Total Supply: Originally 200 million BNB, with regular token burns reducing the supply.
We wait for a breakout from the Ascending Triangle (above $600 resistance) to signal uptrend resumption to the next resistance of $720 for a +20% potential gain
Weekly Price Analysis
In the last week, BNB’s price has remained relatively stable. Starting from a high of $600, the token faced minor fluctuations, dropping to around $591.
The price remains in the $590–$600 range, showing a slight weekly dip of about 1.50%.
Trend:Â Short-term trend is Up, Medium-term trend is Strong Up, Long-term trend is Up.
Momentum:Â Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $500.00, then $450.00. Nearest Resistance Zone is $600.00, then $720.00.
Indicators Overview
- Relative Strength Index (RSI): Neutral, hovering around 50.
- Moving Averages: BNB is trading close to its 50-day moving average.
- MACD (Moving Average Convergence Divergence): Slightly bullish.
News Roundup
- BNB Token Burns: Binance’s quarterly token burns continue to reduce the supply of BNB. These burns are part of a strategy to eventually cut the total supply to 100 million.
- Binance Ecosystem Growth: With Binance expanding into various sectors, including NFTs, DeFi, and staking, BNB continues to see demand as the native currency powering these platforms.
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