The post BNB can hit an all-time high, but THESE conditions need to be met! appeared on BitcoinEthereumNews.com.

The formation of an ascending triangle and a hike in funding rates could be key A breach of the press time resistance, outlined by the triangle’s upper edge, is important before BNB can hit new ATH Binance Coin (BNB) has been a fairly consistent cryptocurrency, with the altcoin recording hikes of 6.46% and 2.83% on the monthly and daily charts, respectively. Taken together, these hikes mean that there is a strong presence of bullish investors in BNB’s market.  However, according to AMBCrypto, these steady gains may just be the beginning. In fact, further analysis seemed to reveal that there may be room for another hike, potentially pushing the altcoin beyond its highest recorded value of $721.80.  BNB’s outlook on the chart At the time of writing, BNB’s chart revealed a bullish trend as it moved within an ascending triangle. It seemed to be moving between a horizontal resistance line and a diagonal support level. Now, BNB has rebounded from the triangle’s support line and appears set for a breakout. If it successfully breaches the resistance, the coin could reach and potentially exceed its all-time high, setting a new price record. Conversely, if selling pressure at this resistance outweighs its buying momentum, BNB might remain trapped within the ascending triangle. If this happens, the crypto will revert to the support level for an extended period. Source: Trading View Hence, the critical question is whether there is sufficient bullish momentum to sustain a move that could break through the triangle’s boundaries. Rising trading activity among traders There has been a significant hike in interest among traders who want to purchase BNB. Especially as they anticipate the asset to move into higher price zones. At press time, the funding rate for BNB had climbed to 0.0041% over the past 24 hours. A positive…

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Filed under: News - @ October 13, 2024 6:21 am