Binance Coin (BNB/USD) On A Bullish Run – Ascending Triangle in Play

The BNB/USD coin succeeded in maintaining its upward rally of early in the day, taking further bids above the $500.00 level. The recent bullish rally in the crypto market pushed the top coins, Bitcoin and Ethereum, significantly. 

Other altcoins, like BNB, performed well in terms of both network growth and price. Notably, some top acts, such as Cardano and XRP, offer a low investment option to market players. The Binance Coin is trading near USD 503.21, with a 24-hour trading volume of $1,951,281,413. Binance Coin has risen by 3.00% in the last twenty-four hours. In contrast, the strength of the broad-based US dollar was a critical factor that kept a lid on any additional gains in the BNB prices. 

However, the reason behind Binance Coin’s upward rally could also be attributed to the latest bullish rally in the crypto market, which has been flashing green since the week started. The market got a good lift from the positive developments surrounding Bitcoin mining. 

BNB/USD

It is worth reporting that a big group of oil producers and Bitcoin miners met in Texas last week, to discuss the possibilities of on-site mining, that could be made possible by Texas energy producers. The meetup served as a point of encounter to examine these possibilities. 

Oil wells that are not big enough to build pipelines into their operations usually burn the natural gas pockets encountered directly on site. This could be used to generate energy for Bitcoin mining operations instead. As a result, Bitcoin has been gaining positive traction over the last few days. The price of Bitcoin was $51,729.03 today, which represents a 3.40% upward move over the past twenty-four hours. Bitcoin has been trading up by 6.58% over the last 7 days, and it has maintained a market cap of $972.63 billion. 

The cryptocurrency has also produced a market dominance of 41.63 percent, which is a 0.29 percent increase over the last trading day. Bitcoin finally broke the much-awaited $51,000-mark and it now faces its next stiff psychological resistance at $55,000. This rally has had a positive impact on the other currencies too, with the positive news pushing currencies higher, which was one of the key factors that kept the BNB/USD coin pair higher.

Binance Coin (BNB/USD) – Technical Outlook

The BNB/USD coin is trading with a bullish bias at the $503 level. On the 4-hour timeframe, the triple top pattern is extending resistance at $505 on Monday. The breakout above the $505 level could lead the BNB/USD price towards $545. The RSI supports a buying trend, while the 50 SMA (simple moving average) is likely to extend support at the $490 level.  

On the lower side, a breakout of the 485 level could lead the coin towards the 465 support level. Further to the downside, the next support will prevail at the 420 level. Good luck! 

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