- The formation of an ascending triangle and a hike in funding rates could be key
A breach of the press time resistance, outlined by the triangle’s upper edge, is important before BNB can hit new ATH
As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I am bullish on Binance Coin (BNB) right now. The ascending triangle formation and the surge in funding rates are telling signs of an imminent bull run.
Binance Coin (BNB) has displayed a steady performance in the crypto market, showing increases of 6.46% over the past month and 2.83% within the last day. This combined growth suggests that a significant number of bullish investors are active in BNB’s market.
Indeed, as per AMBCrypto’s report, these consistent increases might only mark the start. Interestingly, additional examination suggests there could be more growth to come, possibly driving the altcoin past its all-time high of $721.80.
BNB’s outlook on the chart
Currently, when I’m writing this, Binance Coin (BNB) appears to be following a bullish trajectory, marked by an ascending triangle formation on its chart. This pattern suggests that BNB is oscillating between a horizontal resistance line above it and a diagonally sloping support level below.
Currently, BNB has bounced back from the horizontal line of support within the triangle structure, hinting at an impending breakout. If it manages to surpass the resistance level, the digital currency might touch and even outperform its previous peak, establishing a fresh price milestone.
Instead, if the force of sellers at this resistance is stronger than the bullish push, it’s possible that BNB could be stuck within the ascending triangle. If this occurs, the cryptocurrency may return to its support level for a prolonged duration.
So, we’re wondering if there’s enough positive energy (bullish momentum) to maintain a push that might break past the triangle’s limits.
Rising trading activity among traders
A notable surge in interest is observed among traders eager to acquire BNB. This increase stems from their expectation that the value of this asset will rise and reach higher price levels.
Currently, the funding rate for BNB has risen to 0.0041% in the last 24 hours. This positive rate indicates that long position holders are compensating short position holders. In other words, it suggests that the futures prices are higher than the current market price.
The funding rate plays a crucial role because it facilitates the adjustment of the price for continuous futures contracts to match the current market value of the underlying asset, by means of periodic payments made among long and short positions.
The level of open interest, representing the amount of unresolved derivative agreements, underscores optimistic expectations towards BNB. This rising open interest suggests an escalating involvement from traders and potentially positions the asset for an upcoming surge.
Should this pattern continue, it’s probable that BNB will surpass the upper boundary of its ascending triangle. Moreover, this upward momentum might strengthen due to increasing developmental activities surrounding the asset.
Development activity puts BNB in a good spot
Significant growth can be seen in the BNB ecosystem’s development endeavors, suggesting a substantial push towards enhancing its features and services.
As a historical observer of market trends, I’ve noticed a consistent relationship between the level of development activity and an asset’s performance dynamics.
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2024-10-12 21:11