Despite Legal Challenges, BNB Cryptocurrency Inspires Optimism
Despite the legal turbulence shaking Binance, the BNB cryptocurrency continues to instill a sense of optimism among its investors. A striking bullish signal suggests a rapid rise in the course of the native currency of the platform (BNB), promising exciting prospects.
A Bullish Figure on the Course of the Crypto BNB
Despite recent legal challenges that Binance has had to face, its native token, BNB, has experienced the repercussions of the storm. Indeed, due to the tumultuous situation of the exchange platform, the BNB cryptocurrency did not benefit from the $180 billion market surge.
However, a glimmer of optimism is emerging about a possible recovery of the BNB crypto, in the context of a potential aggressive rise.
According to an analysis by Ali Charts, an analyst followed by over 35,000 followers on Twitter, the situation warrants special attention. Currently, the Binance Coin price shows a descending triangle pattern on the weekly scale. This is a technical configuration well known in the world of trading and investing.
This figure, considered bullish, often precedes a significant breakthrough in the asset’s price, commonly called a “breakout”. Ali Charts suggests that a close above $260 would confirm a bullish breakout for Binance’s crypto. However, before reaching this point, investors could observe a period of stability, requiring a dose of patience.
Despite facing legal challenges, #Binance might emerge more resilient. Still, keep an eye on #BinanceCoin as $BNB forms a descending triangle on the weekly chart.
Watch for a close above $260 to confirm a bullish #BNB breakout. Until then, it might be wise to hold steady! pic.twitter.com/Wal9CDRfiP
Optimistic Outlook for Altcoins
The possible ascent of Binance’s native cryptocurrency could fit into a broader bullish trend observed among Altcoins.
Indeed, the total market capitalization of crypto Altcoins has recently broken upward after 18 months of consolidation. Since October, it has increased by more than 40%, reaching a peak of $762 billion on December 13. After a slight correction, the total market cap of Altcoins is currently at $715 billion.
According to Michaël van de Poppe, a renowned analyst, the next potential zones for a summit are between $1.1 and $1.3 trillion. This rise in Altcoins, in sync with the overall bull-run of crypto markets, could exert additional pressure on Binance Coin.
In the event of a recovery, the annual high at $352.2 could constitute the first price target for Binance’s native crypto.
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