World of Charts, a top crypto analyst, has shared a bullish price prediction for Binance Coin (BNB) based on a technical analysis of the coin’s chart. According to the analyst’s assessment, BNB is forming a bullish pennant pattern in the 4-hour timeframe, suggesting a potential upside breakout in the near future.
What you'll learn 👉
Bullish Pennant Formation
The chart analysis from World of Charts reveals a consolidation pattern resembling an ascending triangle, also known as a bullish pennant. This pattern is characterized by a horizontal resistance line along the highs and an ascending support line along the lows. Significantly, the price action has repeatedly touched the support line, indicating a strong level of buyer interest.
Moreover, the analyst has identified an uptrend line, starting from the lower left and moving across to the right. This uptrend line suggests that Binance Coin has been experiencing a general upward trajectory over the period shown in the chart. Consequently, the bullish pennant formation is considered a continuation pattern, potentially leading to a continuation of the uptrend.
Breakout Forecast
According to World of Charts, if a successful upside breakout occurs from the bullish pennant pattern, they expect a bullish wave of approximately 20-25% in the coming days. The chart displays a blue rectangular box extending upward from the last candlestick, suggesting a potential price target or a forecast for future price movement. This box indicates a predicted increase of approximately 160.2 USDT or about 26.15%, implying a bullish outlook for BNB.
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Show more +Current BNB Price
At the time of writing, the latest price data from CoinMarketCap shows that BNB is trading at $577.13, down 1.81% in the last 24 hours. However, if the bullish forecast from World of Charts materializes, the price of BNB could potentially surge higher in the coming days.
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