Binance Coin’s bearish narrative to flip soon; slow but sure gains ahead for BNB

  • 28 September 2019, Saturday, 04:30

Binance’s BNB seems to be finding its support after a very long time. The price of BNB is consolidating in a bullish pattern that will yield good results for BNB after a long and weary downtrend.

At press time, the price of BNB was hovering at $15.60 with a market cap of $2.4 billion. It is still among the top 10 cryptocurrencies on CoinMarketCap, just above Bitcoin SV.

Falling Wedge

Source: TradingView

BNB’s prices have conformed to the falling wedge pattern, which is inherently a bullish pattern. The channel however, is elongated and it will take a while for the price to break out of it. The breakout might be witnessed anywhere between 30 September and 2 October.

As of now, the prices have sought support by the EMA ribbon on the one-hour time frame, but this will eventually be breached as the prices head towards the lower line of the wedge.

Target

BNB can shoot by as much as 13.44% when it breaks out of this pattern. This will put the price of BNB between $16.30 and $16.80, which is a point of strong resistance.

Source: ambcrypto.com