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Rare pattern could see BNB reach $1,200
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The price of BNB, Binance’s native cryptocurrency, has formed an extremely rare pattern that could push its price to $1,200 in the coming months. As the current price of BNB is $620, according to CoinGecko, this represents a 100% increase.
Since the year’s lowest price, BNB has appreciated by 240% and reached US$86 billion in market value. The pattern in question is called “cup and handle” and can trigger above-average gains for the token.
The cup and handle pattern consists of a rounded bottom and some consolidation or pullback on the upper side, as shown in the previous image. This pattern first formed in November 2021 when BNB rose to a high of $665.
Between 2022 and 2023, BNB saw a sharp decline and bottomed out at $200. But since then the cryptocurrency has recovered and retested the 2021 high earlier this year, completing the cup formation. The price entered a stabilization phase in 2023, creating the “bottom of the cup”.
BNB Analysis
With the strong rise of Bitcoin (BTC) in 2024, BNB rose again and started to form the “handle” of the pattern. In August, BNB formed a doji pattern, which explains part of its appreciation, which made BNB renew its historic high.
Therefore, a clean break above the upper side of the cup could point to further gains, potentially towards $1,200.
The challenge with using the cup and handle pattern in trading is that it takes a long time to fully work. In the case of BNB, the cup section took more than three years to form, and the handle is in its eighth month. In other words, it is not a useful pattern for short-term movements.
Binance Coin’s MVRV indicator has jumped to 2.7, meaning there is more room for appreciation in the coming months.
In addition to the rare pattern, there are more fundamentals that could help push BNB price higher in the long term. Like other cryptocurrencies, it could benefit from a friendly regulatory environment under the next Donald Trump administration.
Due to its size and liquidity, a potential BNB ETF cannot be ruled out as early as 2025.
Rare pattern could see BNB reach $1,200
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Rare pattern could see BNB reach $1,200
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Rare pattern could see BNB reach $1,200
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Rare pattern could see BNB reach $1,200
