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- Binance Coin has formed an ascending triangle pattern.
- It is facing stiff resistance at the $330 level, but buying pressure has run higher.
Binance coin [BNB] It showed steady gains throughout January 2023 and managed to break above the $315 resistance in early February 2023. This resistance level has been important since November 2022. Therefore, a move above it indicates more gains.
Read Binance Coins [BNB] Price forecast 2023-24
A recent report highlighted the positive performance of BNB in the market recently and the fact that adoption of the exchange token is on the rise. Bitcoin also has an upward slope. So, barring BTC dropping below $22.3K, another move higher could be the way forward for Binance coin.
BNB is in an uptrend leading to a bullish pattern
Source: BNB/USDT on TradingView
Over the past week, BNB has made a series of bullish declines. In the meantime, it faced resistance at $330 several times but could not break through it. Thus, an ascending triangle pattern was formed. Before this pattern formed, Binance coin was trending higher.
This pattern is a bullish continuation pattern, and a breakout is expected to reach at least $348. The next major resistance area is at $351-$360 which is a 12-hour bearish order block.
The trading of the past few days has shown that the RSI is forming a series of lower peaks to indicate the fading bullish momentum. Still, OBV is steadily rising higher. The upward trend of the OBV was a strong signal that the buyers maintained their strength in the market.
A daily session near the top of $330 will be a signal for the bulls to look for buying opportunities targeting the $350-360 region for profit taking.
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The lower time frame has an increasingly strong bullish feel
Source: Coinalyze
This 30-minute chart from Coinalyze shows that open interest has increased over the past few days. The same is the case with cardiovascular diseases. Both factors highlight bullish sentiment and have seen a rally and buying pressure has gathered strength. The expected funding rate also rose to show that long positions were paying short sellers funding.
It was not clear when exactly the bullish breakout would start. Available evidence points to the possibility of an upward movement. Invalidating this idea could lead to a drop below $321.5, which could turn the lower time frame of the market structure to the downside. In this scenario, a retest of the $315 level could see a bullish reaction.