Binance coin is once again looking good from a technical perspective. The BNB team continues building and improving the chain and they will soon release the Maxwell Hardfork. The testnet will be on May 26th and the team is projecting the chain to become more efficient. That, combined with auto-burn mechanism, aiming to reduce the total coins in circulation to 100 million by 2028. Okay enough fundamentals.
https://twitter.com/cryptclay/status/1925253049976569945?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow
Looking at the chart shared by Alex Clay, we see that he has identified a break of previous all-time high and sees the latest price action as re-accumulation. Please revisit the previous article here, in order to catch up with context behind my drawings.
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Initiating this analysis with the weekly chart again, we can see BNB pushing out upwards from this diamond(ish) shape. Often, such diamond patterns are called Diamond Top, though a clean breakout of it is the real indicator of where the price is heading. Still, it is important to keep in mind that this is a rather rare pattern, therefore, its accuracy is not as high as rectangles, for example.
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Moving on to the Daily timeframe, it can be seen that the price had three clean touches and rebounds from the bottom trendline, and it broke above the upper trendline. BNB has also broken the lower high, lower low downtrend. In other words, broke the market structure by printing a higher high and a higher low. The part that adds a few % for bullish continuation is the reclaim and retest of MA200.
If I were to enter a long position here, I’d place my stop below the MA200 level, at $630.
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Finishing our analysis with a 4H timeframe chart, we see that another strong upward momentum move has begun. Binance coin is performing well together with Bitcoin over the past weeks, and if Bitcoin heads to a new ATH, there is a chance BNB will be doing the same with $940-950 as a potential next target. Stay safe out there!
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The post Binance BNB Coin Showing Strength: New ATH Incoming appeared first on 99Bitcoins.
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