Binance Coin (BNB) price is gaining momentum in the cryptocurrency market, with technical indicators and market sentiment pointing toward a potential rally. Analysts have identified key bullish patterns suggesting upward movement, with targets set at $860, $1,000, and beyond.
As the coin consolidates around crucial support and resistance levels, market participants are closely monitoring its next move.
Binance Coin Technical Patterns Indicate Bullish Momentum
BNB has also been depicting a bullish rebound from a falling wedge, which is a bullish reversal pattern.
A consolidation pattern that develops during a period of price trend reversal usually indicates the start of a bullish run. The breakout indicates that the height of the wedge can be used to set an initial target of $860.
Price trend of BNB is still ranging at $693.01, with the price fluctuating between $689.99 and $697.07 . Expert opinion suggests that a move and close above $700 might lead to a longer-term ascent towards $860 and higher.
The RSI on the 4-hour chart is now at 48.31 which is close to the midpoint of the indicator at 50. This can be seen as neutrally to slightly negative. A crossover above the 50.00 mark to indicate that the bullish trends are picking up pace and supporting the breakout projections.
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Open Interest Data Supports Bullish Sentiment
Recent open interest (OI) statistics reveal intriguing insights into market activity. The total OI for BNB stands at $652.5 million, with $641.1 million in perpetual contracts, highlighting their popularity among traders.
OI has reduced slightly by -0.29% within the last 24 hours, but Binance holds most of the OI at $492.3 million. The minor drop in open interest indicates that traders are oddly conservative given BNB’s approach of key resistance levels. More OI is always bullish and, if it is coupled with a rising trading volume, it could be a strong indicator of a continuation of the bullish trend.
Analysts Expect Positive Price Targets
Market analysts have provided rather positive price predictions for BNB. Analyst VipRoseTr has pointed out a breakout above $610, which has held $610 as support on the way up. This technical move has led to a target of $1,005.64.
A bullish Pennant pattern has also been identified, as pointed out by the market analyst cryptoWZRD_. This structure is formed after the price rebounds from the support level, after a period of sharp growth and indicates the further development of the trend. The Pennant’s target on the breakout is at $980 with $1000 as the next important level.
Bullish and Bearish Scenarios for Binance Coin
The bullish argument for BNB is that it has to break above $700, and the RSI has to turn bullish and the volume has to increase. This could pave the way to the targets of $860, $980 and maybe even $1000.
To the downside, failure to break higher than $700 could see a reconfirmation of the support levels at $690 or $675. A fall below $640 would negate the bullish structure and may lead to a reversal to the downside targeting $500.
Source: https://www.thecoinrepublic.com/2025/01/24/binance-coin-targeting-1000-amid-new-bullish-patterns/