Bitcoin rockets past $71,000, boosting BNB to new high
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Long-term analysis reveals a bullish flag pattern in #Binance Coin's price, suggesting potential continuation of its upward momentum.
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$BNB has traded sideways within a symmetrical triangle pattern since mid-March.
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A notable 20% surge on the Weekly chart has been observed in BNB's price, indicated by a bullish engulfing candle briefly surpassing the $700 mark, reflecting strong bullish sentiment.
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The daily chart displays an ascending triangle breakout pattern in $BNB, signaling increased momentum amid broader market recovery.
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BNB has notably found strong support at the baseline of the daily Ichimoku cloud, further strengthening bullish sentiment.
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Sustaining BNB above $700 could potentially trigger a rally towards the $900 mark, with potential positive influence on altcoin prices.
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As per CoinGabbar Prediction, Conversely, failure to maintain the rally might result in a retracement towards the $640 support level.
KEY LEVELS :
RESISTANCE LEVEL : $800-$920
SUPPORT LEVEL : $640-$560
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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