After a week-long price decline, BNB gained bullish momentum as its daily chart turned green and things can get even better
Most metrics and indicators looked bullish on the coin.gained bullish momentum as its daily chart turned green. In fact, things can get even better next week, as BNB’s price is moving inside a bull pattern.CoinMarketCapHowever, things changed in investors’ favor as its price surged by more than 1.8% in the last 24 hours. At the time of writing, the coin was trading at $587.39 with a market capitalization of over $87 billion.
In the meantime, AMBCrypto analysis of the coin’s daily chart revealed that the coin’s price was moving inside a bullish symmetrical triangle pattern.A breakout from such a pattern often results in bull rallies, suggesting that BNB investors might soon enjoy massive profits. To be precise, in order for BNB to initiate a bull rally, it must break above the resistance zone at $590.Our analysis revealed that BNB’s liquidation will rise sharply near $600. Therefore, if a northbound price movement happens, the first viable target seems to be $600.Source: Hyblock CapitalAMBCrypto checked the coin’s technical indicators to see how likely it is for the coin to break above the bull pattern. We found that the coin’s Relative Strength Index registered an uptick.
The Chaikin Money Flow also followed a similar increasing trend, while the MACD displayed the possibility of a bullish crossover.Nonetheless, the Money Flow Index moved sideways, which suggested that investors might as well witness a few more slow-moving days.It was surprising to note that despite the rise in price, bearish sentiment around the coin remained dominant in the market as its Weighted Sentiment dropped.
Generally, prices tend to move in a different direction than the Funding Rate. In this case, BNB’s Funding Rate dropped sharply, further suggesting a bull rally in the coming days.
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