Binance Coin Price Forecast: $1,000 Milestone Within Reach ๐๐ฐ
Binance Coin Consolidates in a Bullish Pennant Pattern ๐๐
BNB could surge 63% to $1,005 with this formation. However, a daily candlestick close below $526 would negate the bullish outlook.
For the past 11 weeks, Binance Coin has been trading in a range, with volatility decreasing each day. This compressive price action often leads to significant breakouts, and BNB is poised for such a move. ๐ฅ๐
Price of Binance Coin May Break Out Soon ๐
Between March 6 and March 16, Binance Coin (BNB) saw a rapid 63% rise, peaking at $646. This swift move from $394 to $646 in just 10 days was followed by a consolidation phase.
The Binance Coin price action from March 6 to June 1 has formed a Bullish Pennant. The 63% rally acts as the flagpole, with the sideways movement characterized by lower highs and higher lows forming the pennant. ๐๐
To predict this setup's potential, add the flagpole's height to the breakout point. If Binance Coin breaks out at $616, the flagpole's height suggests a Bullish Pennant target of $1,005. This ambitious target is 45% higher than the record $692.90. ๐๐
However, if market conditions deteriorate and Bitcoin (BTC) falls below $60,000, Binance Coin could break its positive pattern and breakout bearishly. This would invalidate the bullish pennant, potentially causing BNB to drop 9% and test $526. A daily candlestick close turning this support into resistance could signal a downward trend. ๐จ๐$BNB
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