Binance Coin Price Prediction: Early Signs of a Trend Reversal
The Binance Coin (BNB) is currently experiencing a bullish breakout from a triangle pattern, suggesting a potential early signal of a trend reversal. Is it the right time to enter the market?
Binance Coin Price Analysis Over the Past Two Weeks
Over the last two weeks, BNB, the native token of the world’s largest crypto exchange Binance, has exhibited high volatility. This sideways movement is a reaction to the market’s anticipation of the US SEC’s decision on spot Bitcoin ETF approval. As the regulatory agency leans towards approving this digital asset, the altcoin market is poised for a substantial uplift, extending its ongoing recovery trend.
If the BNB price can sustain above the $300 support level, it may lead to a post-correction rally with a potential target surpassing $400.
Post-Correction Rally and Potential Support Levels
- The BNB price correction may face strong demand pressure at $285 and $270.
- A bullish crossover between the 100-day and 200-day EMA could encourage buying momentum in the market.
- The intraday trading volume in the BNB coin is $1.3 Billion, indicating a 23% gain.
Since mid-October 2023, the Binance coin price has entered a new recovery mode, rebounding from $200. Within three months, the coin price surged by 66%, reaching a 7-month high at $338. The decisive breakout from the resistance trendline of a symmetrical triangle pattern on December 26th, developing for the past 21 months, signals a major shift in market dynamics as buyers break free from key resistance.
As of the latest update, the BNB price is $299.6, experiencing a post-rally correction to regain bullish momentum. According to the Fibonacci retracement tool, this pullback phase may find support at $285 and $270, corresponding to the 38.2% and 50% FIB levels.
With the U.S. Securities and Exchange Commission (SEC) likely to approve Spot Bitcoin ETFs this week, the BNB price might rebound from the mentioned support levels, furthering its recovery trajectory. Under the influence of this pattern, BNB could aim for successive targets at $351, followed by $400, and eventually $460.
BTC vs ETH Performance
Over the past three months, both BTC and BNB have demonstrated steady recovery patterns with higher highs and lows. However, the Bitcoin price recovery exhibited a shallow retracement and a gradual rally, while the BNB price displayed a more profound pullback, indicating comparatively active sellers in this asset.
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