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Amid the prevailing market downturn, BNB, the native token of leading cryptocurrency exchange Binance, has demonstrated remarkable resilience, consistently holding strong above the crucial $285 support level. As previously highlighted by Coingape, the Binance price is currently exhibiting a bullish flag formation on its daily chart, a development that suggests a potential for buyers to regain momentum and propel the token to higher levels.
Why BNB Price Is Poised for 38% Growth?
- A recent reversal from the flag pattern resistance indicates the BNB price may continue in the correction phase.
- As per the Fibonacci retracement tool, the coin traders may face sufficient demand pressure at $295 and $280
- The intraday trading volume in the BNB coin is $1.027 Billion, indicating a 20% gain
Over the past month, the price of Binance Coin price has shown significant volatility, fluctuating within the confines of a flag pattern defined by two converging, downward-sloping trendlines. Although these trendlines indicate a correction phase, the coin’s maintenance above the 38.2% Fibonacci retracement level suggests that the broader recovery trend remains unbroken.
As the Bitcoin price fell below $40,000, the wider crypto market experienced increased selling pressure, extending the correction phase across most major cryptocurrencies. During this sell-off, BNB’s price took a notable hit, dropping from $320 to $295, culminating in a 7.85% decline over the last 48 hours.
While there is a potential risk of the price of BNB dipping to $280 due to ongoing supply pressures, buyers still have a significant chance to reverse the trend as long as the flag pattern remains valid. Consequently, bullish traders should be on the lookout for a breakout above the pattern’s resistance trendline, as this would be a strong indication of an uptrend continuation.
Should such a breakout occur, it could potentially elevate the coin’s value to an impressive high of $430
Is Binance Coin Price Ready for Bull Run?
During the December rally, the BNB price experienced a significant breakout from the resistance trendline of a symmetrical triangle pattern that had been forming over two years. This escape from a prolonged sideways trend signifies a major shift in market dynamics to provide an advantageous opportunity for buyers to re-enter the market and continue the recovery trend. Following the trajectory suggested by the triangle pattern, there’s a potential for BNB’s price to target a substantial-high of around $560
- Relative Strength Index: The RSI slope below 50% reflects the selling momentum is aggressive.
- Exponential moving average. A bullish alignment between the daily EMAs (20, 50, 100, and 200) indicates broader trend remains positive.
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