BNB price has remained in a consolidation phase as the daily and weekly charts send mixed signals. Binance Coin, the fifth-biggest cryptocurrency, has remained between $665 and $600 in the past 9 days. So, does it have a path to rise to $1,200?
BNB Price Has Formed A Rising Wedge
Binance Coin’s daily chart is sending a warning that the coin may soon have a steep bearish breakout.
It has been forming a rising wedge pattern since September. This pattern is formed when an asset’s higher highs and higher lows converge. In most periods, an asset often forms a bearish breakout when the two lines approach their convergence.
By measuring the distance between the widest part of the wedge, we can assume that the Binance Coin price may have a bearish breakout to $400, which is about 35% below the current level.
This BNB price forecast will be confirmed if the coin drops below the lower side of the wedge pattern at $580. On the flip side, a surge above the upper side of the wedge pattern
We współpracy z: https://coingape.com/markets/bnb-price-forms-a-risky-pattern-is-there-a-path-to-1200/
