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- Binance coin is up more than 17.5% in the past 30 hours.
- Now, BNB is below a critical resistance level.
- A split by $470 could lead to new all-time highs.
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Binance, the world’s largest cryptocurrency exchange, recently announce A $1 billion fund to support project development on the Binance Smart Chain. The news was well received by investors, which pushed the price of Binance Coin close to a potential breakout.
Binance Coin Reaches Pivotal Resistance
Binance coin may be on the verge of a breach soon, although it is facing some critical resistance.
Binance Coin (BNB) has enjoyed a significant upward price movement over the past 30 hours. The third largest cryptocurrency by market capitalization is up more than 17.5%, from $398 to $467. Despite the sudden bullish impulse, BNB reached a crucial hurdle in its upward trend.
The upper trend line of the symmetrical triangle developed on the daily chart could prevent Binance Coin from progressing further. Since mid-May, this critical resistance level has kept prices far away, leading to a correction every time BNB tests it.
Similar market behavior could lead to a rejection that pushes this cryptocurrency towards the lower trend line of the triangle at $360.
However, BNB network activity indicates that a hack may be imminent. Network and social volume, as well as daily active headlines, have increased steadily since the beginning of the month. These basic metrics can help determine if a digital asset is ready to go further.
When these three indicators rise in unison, it constitutes a bullish signal for bullish price movement in the future.
The bullish outlook should be clearer if BNB closes a decisive daily candle above the upper trend line of the triangle at $470. Binance Coin could rise nearly 70% to reach a new all-time high at $775. This upside target is determined by measuring the height of the triangle’s y-axis and adding that distance to the top from the breakout point.
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