BNB Coin’s price is close to breaking and making records following a struggle to find the right moment.
After failing multiple breaches, BNB is ready to break out if the investors can help.
BNB Coin’s price is trading at $621 within an ascending triangle pattern, and to break out of it, the Binance native token will have to find support first. Fortunately for the cryptocurrency, investors are seemingly in a mood to accumulate.
This is verified by the uptick in the Chaikin Oscillator, which indicates whether the asset in focus is observing buying or selling pressure. A rise above zero suggests that buying pressure is increasing, which is also the case with BNB.
Considering this as a hint of potential accumulation, the asset does seem to be in a good state to draw further investment.
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Furthermore, BNB Coin is seemingly a good option to invest in, given its Sharpe Ratio is at 2.71 at the moment. The Sharpe ratio measures the risk-adjusted return of an investment by comparing its return to its volatility. A higher value indicates better risk-adjusted performance.
Thus, BNB will likely post good risk-adjusted returns, which will attract new investors to the asset and, in return, boost BNB Coin’s price.
BNB Coin’s price action is currently constricted within an ascending triangle pattern. A horizontal resistance line and a rising trendline characterize this bullish continuation pattern. It indicates increasing buying pressure and potential for an upward breakout.
Based on the pattern, the target for the Binance native token following a breakout is $764, marking a 21% rally. However, the more realistic outlook is that owing to the aforementioned cues, BNB Coin’s price will certainly cross the present all-time high of $676 to mark new highs.
Read More: How To Buy BNB and Everything You Need To Know
However, if the BNB Coin’s price fails, the breach of $656 falls through the lower trend line of the pattern, and it could drop to $575. Losing this level would invalidate the bullish outlook, followed by a decline to $550.