BNB’s growth over the years has shown how supportive the Binance crypto exchange is, rising as the exchange grows. This has made it one of the biggest cryptocurrencies in the market, and the market is starting to grow again, expectations of where the price of BNB may end up they have begun to raise their heads again.
BNB Bullish Triggers Are Resetting
Crypto expert Melikatrader94 on TradingView website is has been explained BNB trading plan, showing that physical activity he is starting to connect with another one. The first example of this is that BNB has made a clear double on the daily chart.
Historically, a double bottom formation on the daily chart means that there is a trade reversal coming. Since the trend at the time of formation was bearish, it means turning to bulls. This is reflected in the performance of BNB last week, as it is it has started to rise again.
The crypto expert indicated that the first resistance at the neck is between $680 and $690, and last week’s performance you have seen the price hit this resistance. This puts the price on the next level to its true purpose.
How High Can the Price Go?
After a break above the neck resistance, the crypto expert says that this provides confirmation of a double bottom breakout. As a result, he says that it is better to wait for the price of BNB to recover this resistance, which will give confirmation of the uptrend.
Once this process is fully confirmed, then the crypto expert installs it The price of BNB shares at $780. This could confirm the uptrend that started last week and continued into the weekend. If the increase continues, then it is likely that BNB will continue to push prices higher than this target, possibly hitting $1,000 in a favorable scenario.
Some factors that lead to a bullish situation are: BNB RSI is posting record lows. As the post explains, “Adding to the overall problem, the RSI continues to post record lows, showing encouragement and buyer participation despite recent consolidation.”
