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The Binance Coin price pattern breakthrough predicts $1,000 per BNB.
Binance Coin consolidates in a Bullish Pennant.
BNB could rise 63% to $1,005 with this configuration.
A daily candlestick close below $526 disproves bullishness.
BNB has traded in a range for about 11 weeks. BNB is squeezed further with each daily candlestick closure, indicating a continuous drop in volatility. Compressive price actions usually lead to a major breakout, which BNB will experience.
Price of Binance Coin may breakout
Binance Coin rose 63% between March 6 and 16, peaking at $646. BNB's fast rise from $394 to $646 in 10 days was followed by a consolidative phase on Saturday.
The Binance Coin price movement from March 6 to June 1 forms a Bullish Pennant. The 63% rally is the flag pole, and the sideways movement with lower highs and higher lows is the pennant.
Add the flag pole's height to the breakout point to get this setup's prediction. If Binance Coin breaks out at $616, the flag pole's height indicates a Bullish Pennant goal of $1005. This ambitious goal is 45% from the record $692.90.
If the market outlook worsens and Bitcoin (BTC) drops below $60,000, Binance Coin may break its positive pattern and breakout bearishly. This would break the bullish pennant. BNB might fall 9% and test $526. If a daily candlestick closure turns this support into resistance, a downturn may begin.
