Binance Coin (BNB) Price Gears Up For A 10% Upswing – Here’s How
02 August 2023 - 1:58PM
NEWSBTC
Binance Coin (BNB) has recently exhibited a period of price
consolidation, displaying a lateral movement within the range of
$245 to $234 over the past two weeks. This intriguing price action
has given rise to a bullish reversal pattern known as the inverted
head and shoulders, hinting at potential future price movements.
The inverted head and shoulders pattern is a popular technical
analysis formation, often indicating a potential trend reversal. It
consists of three main components: a low, followed by a lower low
forming the “head,” and then another low resembling a
“shoulder.” Related Reading: Curve DAO (CRV) Price Recovery
Post-Exploit: What Would Be A Realistic Scenario? The crucial point
of this pattern lies at the “neckline,” which is a horizontal
resistance level connecting the highs of the head and the two
shoulders. A breakout above this neckline is typically a bullish
signal, indicating a potential price upswing. Source: Coingecko
BNB’s Potential For Recovery And Growth The pattern signifies a
shift from a downtrend to an uptrend, suggesting that selling
pressure may be waning and buying interest could be building
up. Currently priced at $244 according to CoinGecko, BNB has
experienced a minute 0.4% increase in the past 24 hours, and a 3.8%
increase over the last seven days. On the daily chart, BNB is
currently trading in the $26K range at TradingView.com
Analyzing the price action reveals the emergence of the
aforementioned inverted head and shoulders pattern. If the buyers
can successfully uphold this newly formed support level, it could
pave the way for a potential 10% recovery, potentially propelling
the price toward the upper trendline of the established channel
pattern. Binance Expands Influence With Japan Launch In a
significant move, Binance, the world’s largest cryptocurrency
exchange, has launched its Japan subsidiary – Binance Japan
K.K. The inauguration of this platform introduces BNB to the
Japanese market for the first time, contributing to a slight weekly
price uptick. This expansion into Japan signifies Binance’s
commitment to broader global outreach and adoption of its native
token, BNB. Related Reading: Weeks of Prosperity: MKR Holders See
Wealth Grow By Over 100% Amidst Price Boom Binance Coin’s recent
price action, characterized by a tight consolidation range, has
unveiled an inverted head and shoulders pattern. This technical
indication, if validated, could usher in a trend reversal and a
potential price surge. Additionally, Binance’s strategic expansion
into Japan through its subsidiary launch has introduced BNB to a
new market, underlining its prominence and potential for further
growth. As the cryptocurrency market evolves, these
developments may play a pivotal role in shaping BNB’s trajectory in
the coming weeks. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Securities.io
Binance Coin (COIN:BNBUSD)
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