Potential BNB Breakout Suggested by Rising DEX Volumes and Ascending Triangle Pattern
The post Potential BNB Breakout Suggested by Rising DEX Volumes and Ascending Triangle Pattern appeared on BitcoinEthereumNews.com.
In a significant uptick, Binance Coin (BNB) experiences a surge amid rising decentralized finance (DeFi) activity, potentially paving the way for new price heights. This growth is backed by record trading volumes on BNB Chain, indicating a robust demand for DeFi services and the BNB token itself. As noted by experts, “A sustained rise in DEX volumes could act as a positive catalyst for BNB price movements,” emphasizing the link between DeFi activity and token demand. Binance Coin (BNB) sees increased trading activity, creating momentum for a possible price breakout, supported by insights into DeFi trends and market dynamics. Record DEX Volumes on BNB Chain Signal Strong Market Activity Recent data from DeFiLlama reveals that the weekly decentralized exchange (DEX) volumes on the BNB Chain surged to an impressive $17.74 billion, marking the highest figures seen since December 2021. This scenario points to a significant recovery and growing interest in DeFi products. Source: DeFiLlama This remarkable growth can primarily be attributed to the leading protocols such as PancakeSwap and THENA, which have recorded astonishing increases of 298% and 111% in their respective weekly trading volumes. Such activity bolsters the overall ecosystem and enhances the utility of BNB as the native token, potentially fueling further price advancements. Daily Chart Shows Bullish Ascending Triangle Pattern The chart depicting BNB’s performance reveals that the token is positioned within an ascending triangle pattern, a bullish formation typically indicating impending upward movement. The critical upper trendline currently serves as resistance at $722. Source: TradingView Should BNB successfully breach the resistance level of $722, it may usher in a sustained uptrend, with technical analysis suggesting a possible target at the 1.618 Fibonacci level, anticipated at approximately $823. This hypothesis stands supported by the recent uptick in the Relative Strength Index (RSI), indicating bullish momentum. Short Squeeze…
Filed under: News - @ January 22, 2025 11:17 pm