Binance stands as the largest marketplace in the cryptocurrency ecosystem, boasting nearly 200 million users. For those trading on Binance, holding BNB tokens offers numerous advantages, the most significant being commission discounts and early access to Binance Launchpool projects.
As technology advances, new projects are continually emerging in the cryptocurrency market. Projects supported by Binance are included in Binance Launchpool and launched into the market. To farm these Launchpool projects before they go public, you need to stake your BNB tokens. This allows you to acquire tokens from Launchpool projects without any fees, underscoring the critical importance of BNB.
The increasing interest in Binance Launchpool projects has driven a significant price movement for BNB. As shown in the graph below, BNB rose from 200 USDT to 600 USDT levels within a span of seven months.
This rise has brought a particular pattern to my attention in the weekly chart of BNB—a formation resembling the "Cup & Handle" pattern, which you can see an example of in the graph below. According to this pattern, the breakout point is expected to rise to a target denoted by "h."
Given the bullish market and the growing number of Launchpool projects, it seems highly likely that this pattern will materialize for BNB. The target for this formation is set at 1130 USDT.
