Technical analysis shared by Ali reveals that Binance Coin (BNB) is showing strength as it continues to break through key resistance levels. The analysis, focusing on the BNB/USDT on the 12-hour timeframe, reveals an exciting development in the cryptocurrency’s price action.
The price of BNB has been displaying impressive bullish momentum, systematically breaking through multiple resistance levels that previously constrained its movement. According to Ali’s analysis, the cryptocurrency has already cleared several significant Fibonacci retracement levels, including the crucial 0.382 level at $668.91. This sustained upward movement signals growing buyer confidence in the market.
The Final Hurdle for BNB Explosive Run
Despite the strong performance, one significant obstacle remains in BNB’s path – a descending trendline that has acted as a stubborn resistance level. As Ali points out in his analysis, this trendline represents the final barrier before a potential major breakout.
The zoomed-in section of his chart clearly illustrates how the price is now approaching this critical level, setting the stage for what could be a decisive moment in BNB’s price trajectory.
The current bullish movement follows a period of sharp decline that saw BNB drop to the $550-$560 range. However, the market has shown remarkable resilience, executing a V-shaped recovery after retesting lower support zones. As Ali’s technical analysis suggests, a successful break above the descending trendline would effectively invalidate the previous bearish trend, potentially establishing a new bullish phase for BNB.
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If BNB manages to close above the descending trendline, as Ali anticipates, we could see a continuation of the bullish momentum with potential targets around $700-$750 in the short term. However, traders should remain cautious of possible rejection at the trendline, which could lead to a temporary pullback to the $660-$640 range before another breakout attempt.
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