Binance Coin (BNB) – Maintaining a neutral to bullish tone within a 6-week-old descending trianglePosted on Thursday, September 29 2022 at 8:13 pm GMT+0000
Binance Coin (BNB) has been developing within a descending triangle after its impressive June – August rally – which took the price 83% higher – fizzled out in the vicinity of the May 25th peak of 337.00.
Technically, although the recent bounce from the lower bar of the triangle overstepped the Ichimoku directional lines, it was not strong enough to conquer the pattern’s upper boundary and the cloud. Nonetheless, the silver lining here is that it pushed the momentum oscillators to change course, raising odds for additional bullish developments. Now, the IMI is charging higher in the bullish territory and the MACD is ramping up to meet its equilibrium level.
In order to boost gains, the price will need initially to thrust beyond the upper bar of the triangle and the neighboring Ichimoku cloud, currently seen around 288.00. In such a scenario, attention will turn to the nearby September 12th peak of 299.90. Another victory here will bolster buying appetite toward the pattern’s technical upside target, located near the August 10th high of 336.80.
Nevertheless, if the current positive attempt proves fragile, unable to overrun the instant resistance barricades, sellers will likely push through the Ichimoku lines around 278.30 – 272.35, eyeing another test of the 259.00 – 256.70 support zone. By cracking that base this time, they will speed up towards the July 26th low of 239.70.
In brief, Binance Coin is maintaining a neutral to bullish tone within the 6-week-old descending triangle, but only a push beyond the cloud could raise optimism for a more sustainable rally.