Binance News; The last few weeks have been tough for Binance. While the popular exchange is under regulatory scrutiny from observers in countries like the UK and Japan, it has also faced investigations in the US and Germany. While Binance struggles with uncertainties, the local cryptocurrency BNB seems unaffected by these recent moves.
BNB has formed a symmetrical triangle over the past few days. Thus, it offered a chance to break forward. At the time of writing, BNB is trading at $294.8, up 3.8% in the last 24 hours.
BNB’s retracement and subsequent movement on June 21 led to the formation of a symmetrical triangle. There is a pattern that shows a break in both directions. While the trend before the formation of this pattern was bearish, there were indications of a trend change in the market. The upper trendline clashed with the 4-hour 100-MA blue line and if there is a close above $300-305, an upside break could occur.
According to the Directional Movement Index, a bullish crossover occurred between +DI and -DI as buyers prepare to overturn market control. The Squeeze Momentum Indicator, on the other hand, states that the bearish momentum is waning, followed by the first green bar followed by a white dot, which will represent the beginning of a price swing.
Interestingly, the MACD line was above the signal line and its histogram indicated that an upward move was likely.
The factors mentioned above suggest that there is a higher probability of an upward breakout as opposed to a downtrend. Such a result could result in a 15% rally towards the $320-335.5 resistance zone. According to the visible range, this area is receiving a high level of interest and a minor correction could occur before the next uptrend.
Traders can make the most of this move, but a safer investment would be to wait for BNB to break above the 100-MA first.
As a result, the predicted breakout of BNB’s symmetrical triangle could present long opportunities for investors. Just above BNB’s 100-MA and an entry at $303, a profit could be made in the higher range of the resistance zone.