BNB Price On Verge Of Breakout: Analysts Are Bullish On BNB Coin

• BNB price has squeezed and havering near the 20-day EMA.
• Its trading volume has increased by 25% to $1.94 Billion.

Binance (BNB) price has displayed slow and steady growth and has been rising by taking support on a major ascending trendline. BNB price has surged by 70% since August’s low.

In the first week of December, the price displayed a bullish spike and just touched the $800 territory and returned.

Since December, the price has failed to reach the previous swing high which indicates the sellers’ involvement.

Binance price has been struggling between two inclining and declining trendlines.

This price behavior has shaped a symmetrical triangle pattern and the price wandering in the breakout territory. Experts are expecting a bullish move after a breakout.

BNB Price Analysis Ahead of Trump Turn

CRG, a crypto analyst, believes that Binance price has the potential for a bullish rally. On the weekly time frame, the price has exceeded the resistance zone of $670 and spent some time. This breakout might attract buyers and a bullish rally could be triggered.

If the price sustains this level, it would be a bullish signal. Donald Trump is expected to take oath on January 20th, 2025 amid market fluctuation. It may affect the cryptocurrencies positively and Binance might display a bullish rally ahead.

BNB Price has Shaped Symmetric Triangle Pattern

Binance crypto was trading at $692.08 at press time which has remained almost unchanged for the past 24 hours. Its market value was around $100 Billion and the 24-hour trading volume was $1.87 Billion.

Binance coin price has formed a symmetrical triangle on a daily time frame squeezed in a narrow range. It is on the verge of a breakout and is just below the 20-day EMA.

Once the price exceeds the 20-day EMA and breaks out from the symmetrical triangle, it might attract buyers. If the price sustains over the $750 mark, it might be a buying opportunity and a decent bullish momentum can be anticipated.

On the other hand, if the BNB coin price slips below the ascending trendline, it could serve as a sell signal.

Sustaining below the trendline would be a signal to book profits. Consequently, strong selling pressure will follow.

Turning to the technical indicators, RSI has displayed elevation and has generated a bullish divergence.

BNB Price Analysis and Forecast

BNB is poised for a potential breakout, as indicated by its trading behavior and the formation of a symmetrical triangle pattern. Analysts are optimistic, expecting a bullish rally, especially following recent market developments.

The price’s ability to maintain levels above the 20-day EMA and $750 could signal strong buying interest.

However, careful attention should be paid to the ascending trendline; a drop below this level may trigger selling pressure and profit booking.

Overall, the upcoming weeks will be crucial for BNB, particularly with external factors, such as political events, potentially influencing the crypto market.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.