Binance Coin (BNB) Displays Bullish Momentum, Polkadot’s (DOT) ‘Move Towards 15$’: Key Metrics to Watch
Cryoto analysts on X have shared insightful technical analysis on the price movements of Binance Coin (BNB) and Polkadot (DOT). Skew’s 4-hour candlestick chart for BNB indicates continued bullish momentum, while World Of Charts has identified a potential breakout pattern for DOT on the 4-hour timeframe, suggesting a possible rally towards $15 in the coming weeks.
What you'll learn 👉
BNB: Riding the Bullish Wave
According to Skew, BNB has exhibited strong performance this week. The analyst’s chart showcases a sweep of the monthly open, where the closing price surpassed the opening price for the current month. “Nice sweep of monthly open here, continued momentum above would be bullish,” Skew tweeted alongside the chart.
Consequently, this development could signal continued bullish momentum for BNB if it maintains its trajectory above the current levels. The chart incorporates multiple moving averages to identify trends and breakouts. Additionally, Skew highlighted historical support and resistance levels and drew sloped trend lines representing the trend direction. A break of these lines could signal a trend change.
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Show more +DOT: Consolidating for a Potential Breakout
Shifting focus to Polkadot, World Of Charts has spotted a descending channel pattern for DOT on the 4-hour timeframe. This bearish formation features lower highs and lower lows within parallel downward-sloping trend lines. However, the analyst noted a potential bullish flag pattern consolidating within the channel.
“Consolidating In Bullish Flag In H4 Timeframe Expecting Upside Breakout & Incase Of Successful Breakout Expecting Move Towards 15$ In Coming Weeks,” World Of Charts tweeted, along with the chart analysis.
Moreover, the chart highlights a potential reversal zone, marked by a percentage increase from the current price level. Additionally, the latest price action shows an uptick, inching closer to the upper trend line of the descending channel, which could signify an impending breakout.
Per the price data from CoinMarketCap at the time of writing, BNB $600.20 an uptick 4.00% in the last day. Moreover, Polkadot too has seen similar bullish trend up by up 4.21% to $7.45 over the same timeframe.
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