【BNB Price Formation Risk Pattern: Is There a Path to $1,200?】
BNB's price has recently consolidated in the range of $600 to $665, with daily and weekly charts presenting different signals. The market is focused on whether it can rise to $1,200.
The daily chart shows that BNB is forming a rising wedge pattern, which typically indicates a bearish breakout. If the price breaks below the wedge's lower boundary of $580, it may drop to $400, a decline of about 35%. Conversely, if it breaks above the upper boundary of $665, it may challenge the yearly high of $721, an increase of about 18%.
The long-term trend shows that BNB has formed a "cup and handle" pattern since 2021, with the price retreating from a historical high of $692.60 to a low of $188. Recent fluctuations reflect that the "cup's" portion of the pattern is gradually completing. Supporting this view is the fact that BNB's price remains stable above the 50-week moving average, and a long-legged doji pattern appeared in August, indicating increased market uncertainty.
If BNB breaks above $721, it could further move toward $1,000, or even challenge higher targets. However, if it breaks below the $402 support, the bullish trend will fail, further validating the bearish forecast in the daily chart, and the price may decline further.
Currently, the market is filled with cautious sentiment, and price movements need to closely monitor the breakthrough of key resistance and support levels to determine the next trend.
