Investment idea: To make money on the cryptocurrency BNB
Trade_lab analyst from TradingView showed how to make money on the cryptocurrency BNB
A popular analyst at TradingView Trade_lab evaluated the prospects of the cryptocurrency and told what will lead to an increase in its price
BNB is a cryptocurrency that supports the Binance Chain ecosystem. BNB is one of the most popular utility tokens in the world.
BNB/USDT
324,68 -0,95 (-0,29%)
May 06 14:36:49
The token is a key asset in the launchpad system (a platform for launching initial token offerings) and sales at the world's largest cryptocurrency exchange, Binance, which directly affects its value.
The need to keep the token on balance encourages those willing to participate in exchange events to buy.
In terms of technical analysis, we have seen a very technical push toward the $325-340 level for a year now.
The "rising triangle" pattern generally warns traders of an impulsive upward price breakout soon. The pattern is characterized by a "squeeze" of the price from below. The highs remain at the same level and the lows increase, "pushing" the price to the upper boundary. This is followed by an impulsive upward price breakout and destruction of the counter resistance.
The rising lows marked on the chart at $180, $225, $265, and $320 technically form an upward movement. In our view, the price is in the final squeeze point, an exit from which could trigger its rapid growth.
The smaller timeframe also suggests a local uptrend, which allows you to enter the trade with a small stop loss.
4-hour chart of BNB/USDT on the Binance exchange. Source: TradingVIew
Trading plan:
Buy BNB/USDT at $324.
Risk: 10% of capital.
Stop-loss: $315.
Take profit: $457.
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