BNB Price Analysis: Binance Coin Bulls in Fierce Fight for a 50% Move to $485
- Binance Coin price is back in the green after an elongated consolidation.
- A symmetrical triangle breakout gains traction as $485 beckons.
Binance Coin has returned to the bulls' hands following a period of consolidation. A bullish weekly close saw the native exchange token grow by more than 4.5%. According to the data by CoinGecko, BNB is up 1.5% in the last hour in addition to 7.6% weekly gains. Note that Binance Coin holds firmly to the fourth position on the market while boasting $51 billion in market share.
BNB Price technical breakout targets $485
The 12-hour chart illustrates Binance Coin trading slightly above a symmetrical triangle. This technical pattern results in both bullish and bearish biases. Traders can always tell the breakout direction by observing specific price actions.
For instance, Binance Coin breaks above the upper trend line, which hints at a colossal 50% uptick to $485. The breakout target is equal to the distance between the widest points of the symmetrical triangle, as illustrated on the chart.
BNB/USD 12-hour chart
The same bullish narrative has been reinforced by the Moving Average Convergence Divergence (MACD) indicator. This is a technical tool that tracks the trend of BNB and calculates its momentum, in turn sending bullish or bearish signals.
It is worth noting that a buy signal to Binance Coin appeared on the 12-hour chart when the 12-day exponential moving average crossed above the 26-day EMA. In addition, a recent break above the mean line increases the odds for a bullish outlook.
Simultaneously, the Relative Strength Index (RSI) fortifies the bullish outlook as it moves close to the overbought area. Like the MACD, the RSI follows the trend of an asset but calculates the bullss' or the bears' strength. A sharp uplift from levels around the midline shows that Binance Coin's uptrend is intact.
BNB/USD 4-hour chart
Another bullish signal emanates from the Parabolic SAR indicator. The chart overlay tool recently sent a call for investors to buy BNB, explaining the general upswing. Moreover, the bullish grip on price is reinforced by the parabolas (dots) position below the price. As the gap between the dots widens, Binance Coin bullish outlook tends to solidify.