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The BNB/USD crypto pair has been in the news of late with a lot of hype, money, and new crypto enthusiast coming into the market.
BNB is also one of the biggest gainers in this Altcoin boom with the BNB/USD price surging more than 140% in a matter of weeks after breaking through the converging flag pattern it was trading in.
Well, it seems that the bullish price surge is far from being over. BNB is currently forming another bullish pattern, pointing to more upside potential in the coming days.
The Rally Continues!
The BNB price is currently stalling, trading in a tight range within a down-sloping channel. This lack of bearish momentum pushing the price lower on the BNB/USD chart is a very positive sign for the Altcoin.
However, we need to see a price break and close above the channel to confirm the end of this retracement.
Until this channel break occurs, the best option is to stay away from entering any trade on BNB.
Bullish Price Scenario
For the bullish scenario, a price break and close above the channel is a great confirmation that the bullish trend has resumed. The first target to aim for is the previous highs of $598.
A break of this $598 resistance could see BNB surging to as high as the $745 price region.
This $745 region is the 0.618 Fibonacci extension region, this might come into play in the coming days especially since the coming surge might be the last leg up before a deeper retracement in the BNB price.
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