BNB Price Sees 8% Jump this Week, But There’s a Catch

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The crypto market is currently wavering in uncertainty as the US SEC delays the approval of some Bitcoin spot ETFs. However, defying this indecisive sentiment, the BNB price has shown a significant upswing in the last five days and hit a 5-month high of $268. Amid this rally, the coin price gave a bullish breakout from the crucial resistance of $257; the BNB price prediction indicates that the buyers are ready to extend this recovery.

Source- Tradingview

The Binance Coin price has shown a parabolic growth in the last six months, jumping from a $202 low to a recent high of $268, accounting for a growth of $32.87. This rally reclaimed the crucial daily EMAs(20, 50, 100, and 200) and showed in-between pullbacks, a sign of a sustained bullish trajectory. 

Today, with an intraday gain of 3%, the BNB price surged past a multi-month resistance of $257, paving the way for higher recovery. However, this altcoin would need a higher inflow in volume and a daily candle closing above the aforementioned barrier to project a genuine breakout. 

The post-breakout ready would offer buyers suitable support to push an 8% jump before hitting the resistance trendline of the symmetrical triangle pattern. This chart pattern has been carrying a sideways trend in BND coins for nearly 20 months, where the two converging trend lines offer dynamic resistance and support. 

Thus, if the supply pressure at the upper trendline persists, the coin price may enter another correction phase, which would prolong the sideways trend.

Technical Indicators:

EMA: A bullish crossover between the 20 and 200 days accelerates the buying sentiment in the market.

ADX indicator: The daily ADX slope at 44% indicates the current recovery may soon hit exhaustion, which will trigger a minor pullback.

Will Binance(BNB) Price Recovery Surpass $400?

While the symmetrical triangle currently leads a sideways journey, the converging nature of this pattern would eventually lead to a decisive breakup. In a positive approach, a bullish pickup from the upper boundary of the triangle would give an early signal of trend reversal and intensify the buying momentum in the market. 

The post-breakout rally would likely chase the potential target of $350, followed by $400 and $460 in extended recovery.