After rising to reach an all-time high, Binance Coin (BNB) price has been in a consolidation zone. During this consolidation, BNB price was able to form a bullish triangle flag above the 100-day simple moving average (SMA) in the 1-day time frame.
Currently, Binance coin price is moving between the $647 resistance level and the $498 support level, building momentum for a bullish breakout with a total capital of $498. $89,412,113,586, which is up approximately 1.70% in the last 24 hours, and a trading volume of $1,535,069,940, which is up 37% in the last 24 hours. At the time of writing, BNB price is trading around $604 above its 100-day simple moving average, up around 0.65% over the past 24 hours.
Technical analysis of BNB using key indicators
Technically, by looking at the digital asset price chart on the 1-day time frame, it can be seen that the price is trading above the 100-day moving average. This could be an indication that BNB could be moving higher, indicating that it could break above the upper base of the ascending triangle in an upward move.
The signal line of the Relative Strength Index (RSI) that moved above and below the zero line is currently trending above the zero line. This formation of the Relative Strength Index (RSI) indicates that the price may trend higher and break above the upper base of the ascending triangle.
The Williams Alligator indicator also indicates that the price may move upwards as the crocodile's teeth and jaw are above the crocodile's lip, while the price is above the indicator. With this formation, it can be indicated that BNB price may rise above the ascending triangle.
Potential price outcomes
Finally, if BNB price breaks above the ascending triangle, it could move to break the previous high at $647, and if it breaks this level, the price could move higher to form a new all-time high.
If the cryptocurrency asset fails to break above the ascending triangle, it may move lower and break below the ascending triangle and may move further towards the $498 support level. If this level is broken, it may undergo a deeper correction to test the $384 support level.
Featured image from Binance, chart from Tradingview.com