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Cryptoknowmics 2022-07-06 07:54:14

BNB Technical Analysis: Wedge Breakout Preps Bull Run To $300

BNB price shows a bullish breakout of the following wedge pattern, increasing the likelihood of an uptrend reaching the psychological mark of $300. Key technical points: BNB Prices skyrocket by 5.57 % on the 4th of July resulting in the wedge breakout. The price action shows a cup and handle pattern with a neckline at $240. The 24-hour trading volume of Binance is $1.380 Billion, indicating a rise of 23.19%. Past Performance of BNB The bullish recovery to regain the $200 mark propels the prices higher to the resistance trendline of the falling wedge pattern. Failing in the first attempt to surpass the resistance trendline, the price action shows a rounding bottom reversal. Additionally, the market price jumps 5.57% on the 4th of July to exceed the overhead resistance trendline. Source- Tradingview BNB Technical Analysis The 23% jump in the intraday trading volume showcases an increase in the bullish commitment. Hence, BNB traders can expect the breakout rally to reach the overhead resistance trendline. The MACD indicator showcases a phenomenal bullish Trend in the fast and slow line starting after the reversal rally surpassing the $200 mark. Hence the technical indicator projects a bullish trend in motion and teases a price jump to the $300 mark. The RSI indicator displays a reversal from the oversold territory to the Halfway line indicating a rise in underlying bullishness. Moreover, the bullish support from the 14-day averag...

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