As a seasoned crypto investor with years of experience under my belt, I find myself intrigued by the potential bullish breakout of Binance Coin (BNB). Having weathered numerous market cycles, I can’t help but feel a sense of deja vu as we approach what could be another monumental rise in BNB.
On November 13th, despite Bitcoin surging to a fresh record peak, Binance Coin’s price moved relatively little and stayed within a narrow band, settling at $635.35. This was just short of the week’s high of $666.60, with some experts suggesting that a significant multi-year breakout could be imminent, possibly taking Binance Coin as high as $2,000.
BNB Price Could Be Ripe For A Bullish Breakout
Despite the ongoing consolidation of Binance Coin, crypto experts remain undeterred, with some anticipating a robust upward breakout in the near future. In a recent post on social media, one analyst has even speculated that it could potentially spike to $2,000 during this bull market cycle. This predicted surge would represent approximately a 220% increase from its current price level.
Previously, YoungCryptoWolf mentioned that the price of BNB coin is gradually moving towards its record high resistance. He predicts that once this resistance level of approximately $722 gets surpassed, we can expect a powerful bullish breakout from the coin.
Binance Coin Is Forming A Cup And Handle Pattern
At the same time, the weekly graph illustrates an emerging cup and handle pattern in BNB price, which is considered one of the most optimistic indicators in trading. This pattern is recognized by a round base (cup), followed by a prolonged consolidation or correction period (handle).
The issue with the Candlestick & Handle (C&H) pattern is that it might require several weeks or even months to materialize. For BNB, however, the formation of the handle part has been ongoing since March this year.
If BNB manages to surpass its all-time high of $720, it’s a clear sign that the bulls are in control and could drive the price substantially higher. By examining the span between the top and bottom of the chart pattern, we can predict a potential target of at least $1,145. To achieve this, BNB must initially overcome the key resistance at $1000 first.
If the coin falls beneath the crucial support at $400 (its lowest point in August), which includes the lower end of the handle, the bullish perspective could be rendered invalid. This decline might indicate a continued downward trend, possibly leading to $187.
The primary factor driving up Binance Coin’s price is likely to be the ongoing cryptocurrency bull market that has propelled Bitcoin to $91,000. Typically, alternative coins such as BNB tend to gain momentum when Bitcoin is on an upward trajectory.
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2024-11-13 20:08