- BNB consolidates in symmetrical triangle near $712
- Technical setup suggests potential breakout toward $850
- Critical support remains at $672.6 amid broader market strength
As Bitcoin sets a fresh all-time high of $106,533, Binance Coin (BNB) finds itself at a technical crossroads, consolidating within a symmetrical triangle pattern that could determine its next major move.
This technical formation, typically representing a period of market indecision, becomes particularly significant given the broader market’s bullish momentum.
Understanding the Current BNB Price Action
Trading at $712 with a modest 0.28% gain over the past four hours, BNB demonstrates resilience by maintaining its position above the psychological $700 threshold. The formation of a morning star pattern adds credibility to the bullish case, though the presence of a recent bearish engulfing candle suggests ongoing tension between buyers and sellers.
The 4-hour Relative Strength Index (RSI) provides additional support for the bullish narrative, displaying a positive diagonal trend and potentially forming a double-bottom pattern near the midpoint.
This technical development often precedes significant upward price movements, particularly when combined with favorable price structure.
Should the bullish scenario materialize, the R3 resistance level at $850 emerges as a logical target, representing a potential 20% appreciation from current levels. This move would decisively break the previous all-time high of $794.3, establishing new territory for BNB’s price discovery.
However, prudent traders should remain mindful of the $672.6 support level, which could come into play if the breakout fails to materialize. A retreat to this level would represent a 5.7% decline and likely test the lower boundary of the triangle pattern.
Given the broader market’s strength and BNB’s technical setup, the path of least resistance appears to be upward, though careful position management remains crucial given the potential for volatility around key technical levels.
