The Binance Coin price (BNB) rises for the second consecutive day to $865.00 early Monday morning in New York.
In doing so, BNB pares the previous two-week losses as the U.S. dollar retreats after posting its first weekly gain in four. Additionally, the year-end consolidation also adds strength to the altcoin’s rebound as it braces for its third consecutive yearly gains.
Also read: Crypto Weekly Price Prediction: BTC Consolidated below $90K amid Holiday Season!
Despite the latest recovery, the Binance Coin price stays within a six-week-old symmetrical triangle. That said, the symmetrical triangle portrays BNB consolidation since early November, and an upside break of the pattern could lure the bulls.
Meanwhile, a sustained increase in the trading volume and an improvement in the market capitalization (market cap) validate the Binance Coin price recovery. According to Santiment, Binance Coin’s daily trading volume rises for the third consecutive day to $1.82 billion by press time. That said, the market cap extends last Thursday’s from the lowest level since the month’s start to $119.18 billion as we write.
Furthermore, upbeat conditions of the stochastic momentum indicator also underpin bullish bias surrounding BNB.
However, a slew of upside hurdles stand tall to challenge the buyers before giving them control.
Can BNB cross the $895.00 key resistance and recall buyers? Let’s check!
Binance Coin Price: Daily Chart Attracts Buyers
On Thursday, the Binance Coin price poked the ascending trendline from late November, forming part of the six-week-old symmetrical triangle. Notably, the BNB rebound gained support from the stochastic indicator as it took a U-turn from the oversold limit of 20.00, suggesting a further recovery in the quote.
However, the 78.6% Fibonacci retracement of its August-October upside, near $868.00, and the 200-day Exponential Moving Average (EMA) surrounding $880.00, could restrict short-term advances of the Binance Coin price.
Beyond that, the aforementioned symmetrical triangle’s top surrounding $895.00 will be crucial to watch, as an upside break of the same will defy the short-term consolidation pattern and can theoretically propel the price toward $1,125.
During the anticipated rally, the 100-day EMA and November 10 swing high, respectively near $925.00 and $1,019, could act as additional upside filters.
Conversely, BNB’s fresh fall remains elusive as long as the altcoin stays beyond the triangle’s bottom, close to $820.00.
In a case where the Binance Coin price slips beneath the $820.00 support, the previous monthly low near $792 and the August month’s bottom of $730.00 will be in the spotlight.
Binance Coin Price: Four-Hour Chart Portrays Bullish Channel
On the four-hour chart, the Binance Coin price portrays a month-old ascending trend channel bullish chart pattern, currently between $823.00 and $938.00.
Notably, the overbought conditions of the stochastic on the short-term timeframe, well beyond the 80.00 limit, suggest a consolidation in the Binance Coin price before the next upside move.
This highlights the 200-bar EMA hurdle of $889.00 as an immediate hurdle to watch closely, before the $900.00 threshold, and the bullish channel’s top near $938.00.
In a case where the Binance Coin price remains firmer past $938.00, the 38.2% Fibonacci retracement of its October-November downside, near $1,015, and the daily chart’s higher levels will be in the spotlight.
Meanwhile, a downside break of $823.00 will defy the short-term bullish chart pattern, which in turn can drag BNB to November’s low of $792.00, ahead of directing sellers to the deeper levels discussed on the daily chart.
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