Binance Coin pricing is continuing its quest for a long-term comeback from support at $262. Despite the overall losses over the last three weeks, increasing BNB prices indicate that the path of least resistance will continue to be upward.
Binance Coin’s price could rise by 41% to $470.
On the daily chart of Binance Coin, an ascending triangle formation is forming, which, if validated, could lead to a major bullish breakout to $470. Consolidation around the apex is envisaged as BNB’s governing pattern matures.
Short-term losses may occur prior to the main rebound, but the hypotenuse will protect the Binance Coin price rise. Traders should wait till the price breaks through the x-axis at $335 before committing to the 41% jump.
On the same daily chart, the Moving Average Convergence Divergence (MACD) recently offered a buy signal. Buyers returned to the market when the 12-day EMA crossed over the 26-day EMA, boosting a rapid rise to $296.
On the other hand, traders should keep an eye on the position of the market value realized value (MVRV), an on-chain statistic developed by Santiment, because profit taking may stymie Binance Coin’s positive trajectory. According to the graph below, the MVRV ratio is 31.88% over the mean line.
This indicator last rose above the mean line at 42.81%, which was followed by a significant drop in BNB price from $330 to buyer congestion at $262. As a result, it will not be surprising to see the Binance Coin price fall before ascending back up the ladder.
Nonetheless, Binance Coin price will most likely remain in the upper low pattern (ascending triangle) until a breakout above the x-axis is confirmed. Furthermore, if overhead pressure rises, the 100-day SMA (blue) may provide a safety net and relieve investors. For the time being, daily closing above the 50-day SMA (yellow) could reinforce the uptrend.