Binance Coin price is following up with its push for a sustainable rebound from support formed at $262. Despite the overarching losses experienced over the last three weeks, higher BNB prices suggest that the path of the least resistance will remain upward.
Binance Coin price’s daily chart reveals an ascending triangle pattern forming, which, if validated, could see a massive bullish breakout to $470. As BNB’s governing pattern matures, consolidation is expected near the apex.
It is worth mentioning that short-term declines may occur before the actual rally, but the hypotenuse will safeguard the Binance Coin price uptrend. Traders should wait until the price cracks the x-axis at $335 before signing up for the 41% jump.
BNB/USD daily chart
The Moving Average Convergence Divergence (MACD) recently presented a buy signal on the same daily chart. Buyers returned to the market as the 12-day Exponential Moving Average (EMA) crossed above the 26-day EMA – bolstering a sharp ascent to $296.
On the other hand, traders should take note of the position of the market value realized value (MVRV), an on-chain metric by Santiment, because profit taking may slow down Binance Coin price’s quest for a bullish outcome. From the chart below, the MVRV ratio stands at 31.88% above the mean line.
The last time this metric moved above the mean line, it tagged 42.81%, followed by a sharp drop in BNB price from $330 to the buyer congestion at $262. Therefore, it will not be strange to see Binance Coin price retreat before climbing the ladder again.
Binance Coin MVRV metric
Nevertheless, Binance Coin price will likely carry on with the higher low pattern (ascending triangle) till a breakout is confirmed above the x-axis. Besides, the 100-day SMA (blue) may provide a safety net and relieve investors if overhead pressure rises. For now, a daily close above the 50-day SMA (yellow) is what may perhaps reinforce the uptrend.
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