Binance Coin Looks Ready For Another Leg Higher, Analyst Says BNB Shows Strong Breakout To This Level

Binance Coin (BNB) remains one of the top-performing major cryptocurrencies midway through the current market cycle. After gaining over 500% from its 2022 lows and recently hitting a new all-time high around $350, BNB has seen a healthy pullback and consolidation phase over the past couple weeks back down toward the $300 level.

However, according to crypto trader World of Charts, this price action represents a bullish continuation pattern ready to give way to the next major leg higher for BNB.

Bull Pennant Breakout

Specifically, World of Charts cites the formation of a bull pennant, often a bullish continuation pattern signaling the final wave of consolidation before resuming the prior uptrend. With BNB’s pennant breakout confirmed by strong volume already, he anticipates smooth sailing to $400 ahead.

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Crypto analysis platform AltFINS echoed this perspective in their latest technical analysis:

  • BNB existing firmly in an uptrend across timeframes
  • $300 support holding from breakout retest
  • Oversold conditions suggest bottom is in place
  • Next target at $350 with eyes on $400

Source: altFINS – Start using it today

Favorable Risk-Reward

With the buy zone between $300 and $285 presenting over 20% upside potential compared to around 10% downside risk, traders may be inclined to scale back into BNB at this level.

As altcoins tend to massively outperform Bitcoin later in bull market cycles, BNB’s market leader status renders it a prime candidate to capture excess speculative inflows as overall momentum builds across the crypto sector in 2023 and 2024.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!