This Rare Pattern Could Propel BNB Price To $1,200

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Can Binance Coin Reach $2,000 In This Bull Run?

Highlights

  • BNB price has formed a rare cup and handle pattern on the weekly chart.
  • In technical analysis, this is one of the most bullish continuation signs in the market.
  • Binance Coin could surge by 94% to $1,200 if the pattern works out.

BNB price has formed an extremely rare pattern that could push its price to $1,200 in the coming months. Binance Coin was trading at $616 on Tuesday, November 19, up by 240% from the year-to-date low, bringing its market cap to over $88 billion.

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BNB Price Analysis As A Cup And Handle Pattern Forms

Binance Coin, which is the native token for the BNB Smart Chain, has formed a cup and handle pattern on the weekly chart. 

This pattern is characterized by a rounded bottom and some consolidation or a pullback at the upper side. It started to form in November 2021 when the coin rallied to a high of $665 and then pulled back to $200 in 2022 and 2023. 

BNB price then rebounded and retested the 2021 high earlier this year, completing the formation of the cup. It has been forming the handle section since then.

In August, it formed a doji pattern, which partially explains why the coin has rebounded to $665. Therefore, a clean break above the upper side of the cup could point to more gains, potentially to $1,200.

This target is established by measuring the distance between the upper and lower side of the cup. In most periods, an asset breaks out and rises a similar distance from the upper side of the cup.

The challenge for using the cup and handle pattern in trading is that it takes a long time to completely work out. In BNB’s case, the cup section took over three years to form, and the handle is in its eighth month.

BNB price has other positive technicals. It has constantly remained above the 59-week moving average and is sitting at the strong pivot release of the Murrey Math Lines tool. Using the MML, the next potential target will be the extreme overshoot level at $875. 

Binance Coin’s MVRV indicator has jumped to 2.7, meaning that it has more room to run in the coming months. 

The bullish Binance Coin price forecast will become invalid if it drops below $402, the lower side of the doji. If that happens, it will invalidate the cup and handle pattern and point to more downside, potentially to $204.

BNB Price Chart
BNB Price Chart
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Binance Coin Has Bullish Fundamentals

The BNB price has more fundamentals that could help push its price higher in the long term. Like other coins, it will benefit from a friendly regulatory environment in the upcoming Donald Trump administration. Because of its size and liquidity, a potential BNB ETF cannot be ruled out as soon as in 2025.

Meanwhile, the network is doing well as the DEX volume jumped by over 49% in the past seven days to $11.9 billion. Its DEX networks have handled tokens worth over $1.09 trillion since its inception. The number of unique addresses in the network has jumped to over 489 million.

BSC Unique Addresses
BSC Unique Addresses

BNB has also continued to burn tokens, making the remaining coins more valuable. The network implemented its 29th token burn earlier this month.

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Frequently Asked Questions (FAQs)

1. Can the Binance Coin jump to $1,200?

BNB coin needs to rise by 94% to get to the target of 1,200%. Such a big move is possible in the crypto industry since the coin has already jumped by 214% from its lowest point this year.

2. What needs to happen for the BNB price to jump to $1,200?

First, it needs a conducive crypto environment to get to $1,200 in the coming months. Second, it needs to clear the upper side of the cup and handle pattern. Finally, it will need to rise above the key resistance level at $1,000.

3. What is the top BNB support to watch?

The key level to watch will be at $402, the lower side of the handle section. A drop below that level will invalidate the bullish view and point to more losses.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.