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The crypto market is flashing green on Friday as Bitcoin tries to reclaim support at $27,000. Ethereum, the largest smart contracts token is the strongest bullish contender with 1.4% in gains in 24 hours. BNB, the native token of the largest exchange by trading volume, is following closely after defending support at $300.
Based on the strengthening market structure, BNB price is poised for a spectacular rally as we usher in the weekend. Therefore, the upcoming sessions on Friday would determine how the token reacts to an ascending triangle pattern with a 35% breakout target of $480 on the daily time frame chart.
BNB Price Defends $300 Support – Breakout to $480 Looms
Binance Coin price is trading 38% above its lowest point in December, although it reached $352 in April following the aggressive bullish impetus across the crypto market since the beginning of the year.
In the last couple of months, all cryptos apart from selected meme coins like Pepe have struggled to contain retracements, with BNB price rolling back to $265 in March and $300 late last month.
Holding BNB price in place is an ascending trendline, forming part of the triangle on the daily chart. Support at $300 is essential for the resumption of the uptrend, but first, bulls must deal with resistance at the three applied major moving averages.
Therefore, bulls must be intentional with their actions henceforth, at least until BNB price breaks and holds above the 200-day Exponential Moving Average (EMA) (in purple) and the confluence resistance formed by the 100-day EMA (in blue) and the 50-day EMA (in red) at $312.
Such a move is required to give BNB a chance at attacking the psychological resistance at $352 – this is ascending triangle’s x-axis.
Traders often use the ascending triangle pattern to identify potentially profitable opportunities. The easiest way to interpret the pattern is to think of it as a type of continuation pattern, which means that it usually indicates that the prevailing trend will resume after a period of consolidation.
As observed on the chart below, an ascending triangle pattern consists of two trendlines: A horizontal line that connects the swing highs and acts as resistance, and a rising line that connects the swing lows and acts as support.
BNB price has been moving within these two lines since October and is expected to keep consolidating until it breaks out above the resistance level, signaling a bullish continuation.
Traders ideally look for increasing volume and momentum to confirm the breakout and enter a long position. Measuring the height of the triangle from the resistance at $352 to the lowest point of the support line at $231 helps to project a profit target for long positions in BNB.
The formation of an ascending triangle pattern shows that buyers are more aggressive than sellers, and are determined to keep pushing the price higher even as they face resistance at $352 (x-axis).
This persistence is expected to create a coiled spring effect in BNB price that will eventually lead to a strong upward movement when the resistance is breached – approximately 35% above the breakout point to $480.
Meanwhile, traders can be on the lookout for certain signals to squeeze more profit from BNB as they wait for the massive triangle breakout.
For instance, the Moving Average Convergence Divergence (MACD) indicator is poised to flash a buy signal within the day or over the weekend. Such a signal would manifest with the MACD line in blue flipping above the signal line.
The MACD’s movement into the positive region above the mean line at 0.00 will confirm the bullish grip on BNB price.
The Relative Strength Index is on the verge of validating the bullish outlook, but first, it must flip above the descending trendline.
On the downside, if support at $300 or the rising trendline weakens, BNB price may settle for an opposite bearish breakout with the possibility of revisiting support at $280, $250, and if push comes to shove $230.
Launchpad – BNB Alternative to Consider Buying
The bullish outlook in Binance Coin requires oodles of market structure conditions to work together perfectly to turn investors into instant millionaires, including the performance of Bitcoin.
However, investors have a higher chance of transforming themselves into crypto millionaires by buying low-cap meme tokens like Pepe, which exploded in April.
InsideBitcoins.com reviews the best meme tokens for investors to consider, some of which are still in their presale stages. This means that you get a chance to buy at discounted prices before the tokens launch on exchanges.
One of these incredible tokens is Launchpad XYZ whose presale has been going viral over the last few weeks. Investors are buying LPX, the token powering the ecosystem, in the presale at $0.0445.
LPX tokens can be purchased using ETH, USDT, and via cards but with $840k raised so far it is only a matter of time before the price increases to $0.046. Therefore, it is advisable to hurry to make the most of the discounted price.
Launchpad XYZ is a new web3 platform that aims to make the complex and daunting world of web3 more accessible and user-friendly.
The project’s Whitepaper outlines the network’s vision of creating a streamlined and intuitive interface for the best blockchain applications.
In a very short time, the blockchain-based startup has attracted a lot of attention with its offer of an easy entry point to the Web3 space.
Launchpad XYZ plans to provide a balanced and comprehensive view of the latest Web3 trends by integrating various crypto services such as NFTs and play-to-earn games. The protocol’s economic model is based on its native token, $LPX.
Launchpad XYZ rewards token holders who stake their tokens for a certain period. These rewards include lower fees, exclusive deals from partners, priority access to new NFT releases and presales, and more.
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