Crypto analyst ZAYK Charts has identified a bullish pattern for Binance Coin (BNB), projecting a potential 48% price increase. The analysis, shared on X (formerly Twitter), highlights a technical breakout that could propel BNB towards the $890 mark.
Besides, this forecast comes as the crypto market shows signs of renewed vigor, with BNB trading below $602, price at the time of the analysis, at $592.36. ZAYK Charts’ analysis centers on a bull flag pattern visible on BNB’s 2-day chart. This pattern, characterized by a strong upward move followed by a period of consolidation.
The flag’s break from the upper barrier points to BNB perhaps preparing for another step higher in its price path. Two key elements define the bull flag structure: the flagpole, which stands for the first strong price rise, and the flag itself, shown by a downward-sloping channel.
ZAYK Charts notes that BNB’s recent price action has breached the upper limit of this channel, confirming the breakout that often precedes price movements.
What you'll learn 👉
Technical Target and Resistance Levels
Based on the measured move technique, a common method for projecting price targets from chart patterns, ZAYK Charts estimates a potential upside of 48% for BNB. This projection places the target price at approximately $890, a considerable jump from current levels.
However, the path to this target is not without obstacles. BNB faces notable resistance levels that could temporarily halt its ascent. Key areas of resistance are expected around $630 and $700.
These price points may act as testing grounds for BNB’s bullish momentum, potentially leading to brief consolidations or pullbacks before further advances.
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Market Implications and Trading Considerations
The breakout from the bull flag pattern signals a potentially strong buying interest in BNB. Traders often view such technical developments as opportunities to enter or add to positions.
While the technical outlook appears promising, it’s crucial to note that market conditions can change rapidly. A reversal below the flag’s support line could invalidate the bullish scenario.
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