Binance Coin Price Rally Emerged From Bullish Pattern Eyes $400, Enter Now?
Highlights
- Flag Pattern Breakout accelerated the buying impulse in the BNB price.
- A correction to the 38.2% Fibonacci retracement level reflects the formation trend remains bullish.
- The intraday trading volume in the BNB coin is $495 Million, indicating a 19% loss.
Binance Coin Price: Amid the current recovery trend in the crypto market following the Bitcoin price rally to $50000, the BNB price pickup momentum is above the $300 mark. The renewed buying pressure surged the coin price by 12% within a fortnight to currently trade at $333. This recent uptick bolstered buyers for a bullish breakout from the overhead resistance of the flag pattern, paving the way for a higher rally in the near future.
Also Read: Binance Launches 46th Project, Pixels (PIXEL) Social Web3 Game on Ronin Network
Will Market Recovery Push BNB Price Beyond $350?
BNB, the native cryptocurrency on the Binance Exchange, has been under steady correction since the onset of the year 2024. From the last swing high resistance of $338, the retracement phase propelled the coin’s value to a low of $287, registering a 15% drop.
However, the analysis of the daily chart identified this pullback as the formation of the flag pattern. This bullish pattern formation amid the broader market recovery bolsters a positive turnaround in BNB price. This reversal surged the altcoin value by 16.5% within three weeks to reach the current trading price of $332.
However, compared to the broader market, the Binance coin price rally seems weak in momentum which may be attributed to the ongoing legal actions on Binance’s former CEO, CZ. The sentencing of Changpeng Zhao has been postponed to April 30th due to a violation of the Bank Secrecy Act. After admitting guilt, he is potentially facing a maximum of 18 months in prison. The Binance coin has recently lost its position as fourth-largest cryptocurrency to Solana and dropped to fifth place.
If BNB prices manage to sustain the current recovery momentum, the buyers may drive a rally to $350, followed by $400.
Also Read: XRP News: XRP Whales Accumulate Over 250 Mln Tokens From Binance As Price Nears $0.53
Technical Indicator:
- Bollinger Band: The upward trajectory in the Bollinger band indicator reflects the buyer’s dominance in this asset.
- Relative Strength Index: An uptick in the daily RSI slope above 60% indicates bullish sentiment in the market.
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