[BNB completes Wyckoff pattern: analysts predict a pullback]
According to cryptocurrency analyst MartyParty, Binance Coin (BNB), the fourth largest cryptocurrency, has completed the first three stages of the Wyckoff pattern, meaning BNB may avoid a major correction until a new accumulation phase begins.
The Wyckoff model is divided into four phases: accumulation, momentum, distribution, and discount. MartyParty believes that BNB has completed the first three stages and may "retrace" next. Since June, BNB has traded between $465 and $610.
A move above $610 and towards the all-time high of $720.67 would signal a trend reversal. BNB is currently about 20% away from its all-time high, but if buying volume increases, new highs are possible.
BNB was up 11.81% over the past 30 days, but fell 0.26% in the last 24 hours, and is down 3.71% over the week. Charts from TradingView show that BNB has an RSI of 54.56, showing that bulls are in control of the market and prices may rise slightly in the short term.
BNB has seen a surge in accumulation since March, but more buying volume will be needed to push the price higher to break out of the current consolidation range.
