Binance Coin (BNB), the fourth-largest cryptocurrency by market cap, has completed the first three phases of the Wyckoff pattern, according to crypto analyst MartyParty. This technical pattern suggests that BNB could avoid a major correction and enter a new accumulation phase soon.
BNB and the Wyckoff Pattern: What It Means
The Wyckoff pattern is a widely used technical indicator that includes four key phases: accumulation, momentum, distribution, and discount. According to MartyParty, BNB has successfully moved through the first three phases, signaling a possible retracement before entering a new bullish phase.
Price Outlook for BNB
BNB has traded between $465 and $610 since June, and a breakout above $610 could indicate a potential trend reversal. If buying volume increases, BNB could aim for its all-time high of $720.67. While BNB is currently around 20% below its ATH, this upward potential remains strong if buying pressure grows.
BNB Price Analysis
Recent price movements for BNB paint a bullish picture. Over the past 30 days, BNB has surged by 11.81%. However, short-term data shows the cryptocurrency is down by 0.26% in the last 24 hours and 3.71% over the past week.
The Relative Strength Index (RSI) for BNB is currently at 54.56, suggesting bulls are in control, and a slight price increase could be on the horizon. To break out of its consolidation zone, BNB needs a boost in buying volume.
Final Thoughts
BNB’s technical signals suggest the possibility of further upward movement if key resistance levels are broken. As the market continues to monitor BNB’s progress, increasing buying pressure could lead to new highs.
