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The post <a href="https://coinpedia.org/price-analysis/bnb-price-sees-8-jump-this-week-but-theres-a-catch/" rel="noopener noreferrer nofollow">BNB Price Sees 8% Jump this Week, But There’s a Catch</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The crypto market is currently wavering in uncertainty as the US SEC delays the approval of some Bitcoin spot ETFs. However, defying this indecisive sentiment, the BNB price has shown a significant upswing in the last five days and hit a 5-month high of $268. Amid this rally, the coin price gave a bullish breakout from the crucial resistance of $257; the <a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/" rel="noopener noreferrer nofollow">BNB price prediction </a>indicates that the buyers are ready to extend this recovery.
<figure class="wp-block-image"><img decoding="async" width="1600" height="908" src="https://image.coinpedia.org/wp-content/uploads/2023/11/21134633/image-83.png" alt="" class="wp-image-247105" srcset="https://image.coinpedia.org/wp-content/uploads/2023/11/21134633/image-83.png 1600w, https://image.coinpedia.org/wp-content/uploads/2023/11/21134633/image-83-300x170.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/11/21134633/image-83-1024x581.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/11/21134633/image-83-768x436.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/11/21134633/image-83-1536x872.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/11/21134633/image-83-390x220.png 390w, https://image.coinpedia.org/wp-content/uploads/2023/11/21134633/image-83-150x85.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
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Source- <a href="https://www.tradingview.com/x/t3JvGCNJ/" rel="noopener noreferrer nofollow">Tradingview</a>
The Binance Coin price has shown a parabolic growth in the last six months, jumping from a $202 low to a recent high of $268, accounting for a growth of $32.87. This rally reclaimed the crucial daily EMAs(20, 50, 100, and 200) and showed in-between pullbacks, a sign of a sustained bullish trajectory.&nbsp;
Today, with an intraday gain of 3%, the BNB price surged past a multi-month resistance of $257, paving the way for higher recovery. However, this altcoin would need a higher inflow in volume and a daily candle closing above the aforementioned barrier to project a genuine breakout.&nbsp;
The post-breakout ready would offer buyers suitable support to push an 8% jump before hitting the resistance trendline of the symmetrical triangle pattern. This chart pattern has been carrying a sideways trend in BND coins for nearly 20 months, where the two converging trend lines offer dynamic resistance and support.&nbsp;
Thus, if the supply pressure at the upper trendline persists, the coin price may enter another correction phase, which would prolong the sideways trend.
Technical Indicators:
EMA: A bullish crossover between the 20 and 200 days accelerates the buying sentiment in the market.
ADX indicator: The daily ADX slope at 44% indicates the current recovery may soon hit exhaustion, which will trigger a minor pullback.
<h2 class="wp-block-heading" id="h-will-binance-bnb-price-recovery-surpass-400">Will Binance(BNB) Price Recovery Surpass $400?</h2>
While the symmetrical triangle currently leads a sideways journey, the converging nature of this pattern would eventually lead to a decisive breakup. In a positive approach, a bullish pickup from the upper boundary of the triangle would give an early signal of trend reversal and intensify the buying momentum in the market.&nbsp;
The post-breakout rally would likely chase the potential target of $350, followed by $400 and $460 in extended recovery.

BNB Price Sees 8% Jump this Week, But There’s a Catch

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