Binance Coin is trading between the support at $ 26.80 and resistance at $ 31.80.
BNB could move within an ascending triangle.
The price completed a bullish pulse pattern
The Trust Project is an international consortium of news organizations based on transparency standards.
Binance Coin (BNB) is trading very close to a long-term resistance zone, which it has been looking to break above for ten days.
While the direction of the next move is not entirely clear, a passage of this resistance seems the most likely.
BNB price began a rapid upward movement after falling sharply on September 4. In just ten days, the price managed to regain all of its previous losses to reach a new annual high of $ 33.35 on September 14.
After corrective movement, BNB has regained the $ 26.70 area which should now serve as support. On the other hand, the next resistance is at $ 31.70.
Since the beginning of October, BNB has been trading between these two zones, although it is closer to resistance
Cryptocurrency trader @ raticoin1 shared a BNB chart, claiming that if the price breaks its current resistance it could rise to $ 40 and then hit a new all-time high.
The resistance zone indicated in the tweet is the $ 31.70 zone, highlighted in the previous section. BNB has also been following an ascending support line since September 4 which forms an ascending triangle when combined with resistance.
Technical indicators in the daily data are bullish / neutral. The MACD, RSI and Stochastic Oscillator are positive, but their rise has stopped and they are showing a relatively neutral slope.
That said, in the event of a resistance crossing, we would get a target of $ 40 by projecting the length of the triangle onto the advancing point and the resistance zone.
The long-term chart supports this possibility, knowing that it shows that the price has already passed the fibonacci level 0.618 of the entire decline. This is a very common level for the end of a correction.
Also, if BNB breaks the current resistance zone (fibonacci level 0.786), the road to $ 40 would not present any further major resistance.