BNB Price Analysis: BNB Coin Trading in Symmetrical Triangle, Breakout or Breakdown

• BNB Price is trading inside a symmetrical triangle pattern over the daily chart. 
• The crypto asset is trading below 20, 50, 100, and 200-days Daily Moving Average.
• The pair of BNB/BTC is at 0.01012 BTC with an intraday drop of 0.02%.

BNB price got stuck inside a symmetrical triangle pattern from the start of the year 2022. The token has been consolidating for a long time and tried to escape the pattern but failed. BNB bulls must accumulate themselves to register the token’s breakout from the symmetrical triangle pattern. BNB investors need to wait for any directional change over the chart. However, volume change is slightly favoring bears and signaling that BNB is facing short-selling pressure at the moment. 

BNB coin is presently CMP at $384 and has lost 1.28% of its market capitalization in the last 24-hour period. Meanwhile, trading volume decreased by 0.69% in the intraday trading session. This shows that in place of bulls, now bears are trying to overpower the situation and pull BNB back towards the lower trendline of the symmetrical triangle pattern. Volume to market cap ratio is 0.02102.

BNB coin price got stuck inside a symmetrical triangle pattern over the daily chart. The token must escape the pattern and hike towards the supply zone. Dramatical volume change shows that token is trapped inside the symmetrical triangle pattern. Volume change is below average and needs to grow for BNB to escape the pattern over the daily chart. BNB bulls need to come forward for the rescue of BNB tokens. 

Support at the lower end is at $355, and resistance on the higher side is at $400.

BNB Breaks-out or Break-down

BNB price got stuck inside the symmetrical triangle pattern and had a roller coaster ride over the chart. BNB bulls tried to sustain at the verge of the triangle but failed to sustain and dropped to consolidate inside the pattern. 

BNB must escape the triangle pattern to achieve the supply zone and deliver the supplies to the investors. 

Technical Indicators are quite neutral at the moment. Relative Strength Index showcases neutrality for BNB. MACD, on the other hand, exhibits consolidation phase of BNB coin. The MACD line is below the signal line waiting for a positive crossover. BNB investors need to wait for any directional change over the daily chart. 

Conclusion

BNB price got stuck inside a symmetrical triangle pattern from the start of the year 2022. The token has been consolidating for a long time and tried to escape the pattern but failed. BNB bulls tried to sustain at the verge of the triangle but failed to sustain and dropped to consolidate inside the pattern. 

BNB investors need to wait for any directional change over the daily chart. 

Technical Levels

Support Levels: $375 and $355

Resistance Levels: $400 and $450

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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