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BNB has forced a breakout at $278
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BNB Chain Announces zkBNB Testnet on Wednesday
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The cryptocurrency is a buy with a potential rise to $326
Bullish breakouts are important price action signals. They suggest an increase in purchases, forcing prices to sneak up through supply sectors. Exactly the same is happening with Binance Coin BNB/USD.
BNB trades at $295 as of press time. It becomes interesting when we look at the trading volume, which shows a jump of 18.49% in 24 hours. The price had risen by 6.34 per cent. This comes barely two days after BNB Chain announced a major breakthrough in its scalping solution.
On Wednesday, Binance said that it is addressing its scaling issues through the zkBNB testnet. The testnet is expected to support 100 million addresses. Transactions per second are expected to be 10,000 on the testnet. Since launch, BNB has gathered momentum and broke a key level.
BNB is trending inside bar breakout as the moving average joins support
Source – TradingView
On the daily chart, there is a breakout candlestick visible from the inside bar above the $278 support level. Following the breakout, the 20-day moving average has joined support for the first time since mid-August. BNB is also set to retest the support of the 50-day EMA.
BNB has plenty of room to move higher with the next resistance at $326. Positive development and crypto recovery will bring the token back into the resistance zone. There is a buy on BNB breakout. However, investors should take advantage of a potential retracement once the price reaches $300.
summary
Binance Coin is bullish and eyes are again on $326. A bullish breakout from an insider bar setup at the $278 support level is consolidating a bullish case. $300 could provide some minor resistance for a short-term retracement. BNB is buy at current or lower level.
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