How is Binance BNB Looking Today?
Binance BNB is currently trading above $250 and is finally gaining momentum on the lower timeframes. As mentioned in our previous analyses, the price faced resistance around the $250 mark and struggled to break above it on lower timeframes. Right now, we can see bullishness for BNB as the price managed to form a big green candle on the 4-hour timeframe earlier this morning. This move can also invite more trading volume, and we can expect further upside movement in the short term. Let’s take a quick look at the Binance BNB Price Prediction Today (04-Jan-2022) to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest charts for BNB, we can also notice that the price was forming a symmetrical triangle on the 4-hour charts. The structure is now playing out, and BNB has broken above the resistance at $250.
A symmetrical triangle is a neutral pattern that indicates that the price is being squeezed and could break out in either direction.
BNB has broken towards the upside and its target, according to the structure, is around the $260 mark. The target was almost met with the first breakout candle on the 4-hour timeframe.
On the other hand, we can also notice that the trading volume is low. If the trading volume for BNB does not improve, BNB could drop below $250 again.
It is possible that the volume will start increasing because of the current breakout. Once BNB manages to break above $260, we can expect further continuation towards the upside.
Conclusion: Final Verdict on Binance BNB
BNB is looking quite bullish at the moment as it is gaining momentum on the lower timeframes. If the volumes flow in the coming hours, we can expect the price to go above $260 once again. An increase in volume would be a promising sign, and we will be interested in placing a long trade on BNB if that happens. Right now, we will just be watching the price closely.
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