BNB price extended its rally to hit its five-month high at $23.81 for the first time since February 2020

 

It looks like following Binance’s announcement of the upcoming $ 3 million support for the IEO – The Sandbox (SAND) – BNB price extended its rally on Wednesday to hit a five-month high of $ 23.81 since February 2020. With this increase, many predict that BNB will continue to break out to reach a valuation of $ 80.

bnb-price-extended-its-rally-to-hit-its-five-month-high

BNB/USD 4-hour chart | Source: TradingView

BNB price extended its rally on Wednesday to hit its five-month high

Binance confirmed that it would assist the community-driven gaming platform in raising $ 3 million via the so-called Initial Exchange Offering (IEO).

Excerpts from their press release:

“A token sale will be the next step for the company to raise funds after receiving a private round investment from Binance Labs. The highly anticipated The Sandbox (SAND) $3M USD token sale on Binance Launchpad will follow a lottery-format ticket claim and start on August 13, 2020, at 06:00 am UTC (+0).”

BNB price has increased by 6.79% after the announcement. The gains also came as a part of a broader upside move that started earlier this week.

One trader repeated an upside move in the Binance Coin market on July 28. He rightly predicted the token to test $ 24, following a crucial resistance level’s makeover to support. That level was at $ 21.55.

The flippening also took place on BNB’s medium-term descending trendline resistance. Another analyst noted that the cryptocurrency moved above the said price ceiling, calling it an explosive move that could shoot its price towards $ 80.

The analogy took its cues from a fractal from 2018-2019 that portrayed the Binance Coin in a similar breakout structure. Back then, the cryptocurrency had logged a 320% rally following a break above its medium-term descending trendline resistance. If the same happens in the current structure, then the BNB/USD is looking at a 300% upside move to target $ 50 – $ 80.

More bullish scenarios for Binance Coin were also developed as the price illustrates the breakout of the Falling Wedge model. Typically, the Falling Wedge is a reversal indicator, indicating a strong recovery in a declining asset. A breakthrough in textbooks priced as high as Wedge’s maximum height. In this case, that length is about $ 30.

The bullish scenario puts Binance Coin on its way to at least $ 55 in the coming sessions.

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