Key Metric Suggests Binance Coin Headed for Major Upswing
Binance Coin continues rising on solid fundamentals and one big-name CEO.
Key Takeaways
- Binance Coin has recovered all the losses incurred during the most recent crypto market flash crash.Â
- Its price recently hit a high of $615, signaling more gains on the horizon.
- Further increase in buying pressure could send BNB to a new record high of $750.Â
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Binance Coin looks primed for new all-time highs after breaking out of a key technical pattern, forecasting a nearly 50% upswing.
Binance Coin Targets New All-Time Highs
Binance Coin has recovered losses incurred during one of the most severe flash crashes that the cryptocurrency market has seen since the beginning of the year. The reason behind the recovery is multi-tiered.
The news surrounding the former head of the Office of the Comptroller of the Currency (OCC), Brian Brooks, joining Binance.US as their CEO was well received by crypto enthusiasts. As a result, BNB’s market value surged by nearly 22%, gaining over 100 points.
From a technical perspective, the recent gains seem to have derived from the breakout of a bull flag developed on the 12-hour chart. The 99% upswing seen between Apr. 4 and Apr. 12 formed the pattern’s flagpole, while the downward price action that followed created the flag.
The height of the flagpole added from the breakout point suggests that Binance Coin has more room to run too. Another spike in buying pressure that sends BNB above the 78.6% Fibonacci retracement level at $593 will signal the continuation of the uptrend.
Under such unique circumstances, Binance Coin could rise by another 23% toward the 141.4% or 161.8% Fibonacci retracement level. These crucial interest areas sit at $733 and $779, respectively.
It is worth noting that Binance Coin must hold above the 61.8% Fibonacci retracement level at $555 for the optimistic outlook to prevail.
Failing to do so may lead to an increase in sell orders that sends BNB back to the flag’s upper trendline at $470.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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