Binance Coin Price Prediction: The flag pattern formation allows buyers to replenish exhausted bullish momentum for a higher rally.
Published 11 hours ago
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.
Will Post-Correction Rally Push Binance Coin to $400?
- A healthy retracement accentuates the BNB price uptrend intact.
- A bullish breakout from the flag pattern will trigger a directional rally.
- The intraday trading volume in the BNB coin is $1.59 Billion, indicating a 113% gain
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%.
BNB vs BTC Performance
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.
- Bollinger Band: The narrow range of the Bollinger Band indicator accentuates the market sentiment is highly volatile.
- Moving average convergence divergence: A potential bullish crossover between MACD and the signal line will give an early signal for flag breakout.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/binance-coin-price-prediction-as-strategic-pause-sees-35-surge/