Binance Coin Price Forecast: $1,000 Milestone Within Reach 🚀💰
Binance Coin Consolidates in a Bullish Pennant Pattern 🏁📈
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. 💥📊
Price of Binance Coin May Break Out Soon 🚀
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. 📈🏁
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. 🌟📉
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 $526. A daily candlestick close turning this support into resistance could signal a downward trend. 🚨📉$BNB
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