As the price forms a descending triangle on the daily chart and an ascending triangle on the weekly chart, the BNB price generates conflicting emotions on the high timeframe.
Binance Coin (BNB) price movement remains bullish despite the formation of a bilateral chart pattern on the daily and weekly timeframes. Surprisingly, Bitcoin’s (BTC) range-bound movement has had minimal impact on Binance Coin’s (BNB) price, with BNB fueling greater optimism for a better price moment in October.
The price of BNB has weathered the rejection very well, rebounding from a weekly low of $270 to a region of $283 as the price maintains the important area.
The price of BNB retraced to the vicinity of $270 as a result of a rejection that prevented the price from rising higher and unfavourable news from the Consumer Price Index (CPI) and Federal Open Market Committee (FOMC). The BNB price has weathered the responses over the last several weeks quite well, with price action becoming more reasonable.
For BNB’s price to advance to a higher range with more favourable feelings, it must first break and maintain above $350.
The price of BNB continues to trade below major resistance on a daily timeframe, despite repeated efforts to break above higher levels. BNB bulls have fought hard to prevent the price from sliding below the $270 zone, as this price holds the key to a rally to overcome the barrier preventing the price from rising.
BNB’s price continues to rise as it forms an ascending triangle that might foreshadow a relief rally upon its breakout.
The price of BNB is $280 higher than the 50-day exponential moving average (EMA). The price of $282 corresponds to the price at the 50 EMA on the daily chart for BNB.
Many traders and investors expect a green October, which might signal a rise to the vicinity of $400 or higher if the price of BNB breaks and closes above $350.
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