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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

BNB Breaks Out Of Consolidation Zone, Uptrend Persist

Godspower Owie
Godspower Owie
1 year ago
2 mins read
BNB

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Recently, BNB (BNB) broke out of the consolidation area, indicating a potential significant upward trend. The fact that the token has risen beyond the $700 mark suggests that the market is recovering strongly and that traders and investors are becoming more optimistic.

BNB has increased noticeably by 12% in the last 24 hours, carrying on its strong trend from the previous week and month. This breakout has drawn notice, and some analysts anticipate substantial gains if the bullish trend continues.

BNB’s price was up by 3.56% as of the time of writing, trading at approximately $710, with a market capitalization of over $104 billion and a 24-hour trading volume of over $4.2 billion. In the past day, there has been a 12.73% increase in market capitalization and a 79.6% increase in trading volume.

Price And Indicators Formation On BNB 4-hour And 1-day Chart

As of right now, BNB is trading above the 100-day Simple Moving Average (SMA) with good rising momentum in the 4-hours chart. This implies that the price is still positive and there is still a possibility for price growth.

BNB

The 4-hour Moving Average Convergence Divergence (MACD) also signals that BNB might continue to move bullishly as the MACD histograms are trending above the MACD zero line. In addition, the MACD line and the MACD signal line are currently trending above the zero line with a good spread between them, suggesting that there is still room for BNB to move upward.

In the daily time frame,  it can be observed that BNB made a successful break out above its consolidation zone on the previous day and moved on to break its previous all-time high of $692. At this point, the price of BNB is still showing good momentum to move higher.

BNB

Additionally, the 1-day MACD also displays a bullish signal as the MACD Histograms are currently trending above the MACD zero line. Also, both the MACD line and the MACD signal line are trending above the zero line with a good space between them, which indicates that BNB’s price might still move upward.

Significance Of The Breakout

In conclusion, since prices have broken above the consolidation zone, BNB will definitely move to create higher highs and lows if the price continues to move upward.

However, if it fails to move upward, it will start to descend in the direction of the upper base of the consolidation zone for a retest. If this upper base is unable to hold the price, it will continue to move downward to test the $509 support level and might even move further to test other support levels.

BNB
BNB trading at $698 on the 1D chart | Source: BNBUSDT on Tradingview.com
Featured image from Binance, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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