BNB is currently experiencing a turbulent period as it struggles to break out of its trading range. The resistance zone, which ranges from $346 to $348, has proven to be a significant obstacle for the asset, while the support zone, ranging from $316 to $317, has been able to prevent it from falling too low.
The analysis suggests that BNB is currently trading within a symmetrical triangle pattern, which is a pattern that occurs when the highs and lows of the asset’s price chart converge into a triangle shape. This pattern typically suggests that a breakout is imminent, and the asset could continue to trade within this pattern for some time.
If there is a breakout, the analysis suggests that there may be a zone that could hold the price. This means that the price may not immediately skyrocket but rather face resistance at this level. As a result, the analysis suggests that short-term trades in the hourly timeframe may be worthwhile to consider. In particular, the analysis suggests that a breakout above the $330 high could be a good entry point for a short-term trade.
In summary, BNB is currently trading within a symmetrical triangle pattern, and a breakout is expected. If there is a breakout, the asset could face resistance at a specific zone, and short-term trades may be worthwhile to consider.