Binance Coin Price Prediction: The recent underperformance of Bitcoin, particularly in light of the anticipated launch of the Spot Bitcoin ETF, has sparked a wave of selling across the altcoin market. This downturn has affected a wide array of major cryptocurrencies, including Binance Coin (BNB), the native token of the world’s largest cryptocurrency exchange. Despite a relatively moderate pullback compared to other altcoins, Binance Coin has experienced a 6.5% decline from its previous high of $338, now trading around $316.
This current market correction reflects a sense of uncertainty among investors. However, a closer examination of BNB’s daily time chart reveals that the correction is occurring within a bullish flag pattern, bounded by two parallel trend lines.
This suggests that the current movement of Binance Coin price is a natural consolidation phase following a rally, providing a necessary pause for buyers. Moreover, the declining price trading above the 50% Fibonacci retracement level indicates the prevailing bullish trend intact.
At the time of writing, Binance Coin is trading at $370, showing a 6% increase and hinting at a potential bullish breakout from the flag pattern. If the daily candle closes above the upper trendline, it could serve as a robust foundation for Binance Coin to continue its recovery.
Should this breakout occur, the price of BNB may aim for successive targets of $360 and $420, representing a potential growth of 35-38%.
Over the last quarter, both Binance coin and Bitcoin have demonstrated a positive trajectory. However, the current market uncertainty, especially those revolving around the Spot Bitcoin ETF, has somewhat hindered the growth momentum of BNB price, as seen in its formation of lower highs. Meanwhile, the Bitcoin price has been charting a more steady upward course, consistently setting new, higher highs and lows. This contrast underscores the underperformance of the Binance coin with the broader market sentiment.
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