The post Why BNB Price Could See a 15% Breakout appeared on BitcoinEthereumNews.com.

In recent days, the Binance Coin (BNB) market has shown indecision, with its price moving sideways, indicating that neither buyers nor sellers have enough momentum to drive a clear direction. However, an uptrend in a key technical indicator suggests a bullish divergence is forming. A segment of the BNB market is anticipating an upward breakout and has started accumulating the altcoin in preparation. Binance Coin Accumulation Underway Despite Price Consolidation Between September 6 and 12, BNB’s price trended upward in an attempt to breach the long-term support formed at the $560 price level. However, since this attempt failed, the coin’s price has moved sideways without a strong upward or downward trend. BNB Daily Analysis. Source: TradingView Interestingly, while BNB consolidates within a range, its Chaikin Money Flow (CMF), which measures the flow of money into and out of the asset, has climbed, forming a bullish divergence.  This divergence is formed when an asset’s price moves sideways while its CMF rises. It suggests that the buying pressure for the asset is increasing even though it is not yet evident in its price. Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030 BNB Chaikin Money Flow. Source: TradingView A possible explanation is that the asset is being bought by “smart money” that anticipates a breakout to the upside once the price consolidates long enough. BNB’s positive Long/Short ratio confirms the bullish bias toward the altcoin. As of this writing, this ratio, which measures investor sentiment, sits at 1.04. This suggests that more traders are taking long positions and are anticipating a price rise. BNB Long/Short Ratio. Source: Coinglass BNB Price Prediction: Why a Break Above $598 is Important  If these long positions succeed and BNB breaks out of its sideways pattern into an uptrend, the price could surpass $560 and aim for a key resistance level…

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Filed under: News - @ September 16, 2024 11:25 am