The recent analysis by Captain Faibik highlights a significant development in the price action of Binance Coin (BNB). According to his post, a bullish pennant pattern has emerged on the daily timeframe chart, indicating a potential continuation of the upward trend for BNB.
A bullish pennant is a continuation pattern that typically forms after a strong upward move, known as the flagpole. This pattern is characterized by a period of consolidation, where the price moves within converging trend lines, creating a triangle shape that resembles a pennant. During this phase, BNB’s price has been forming lower highs and higher lows, indicating a temporary pause in the upward momentum.
The crucial aspect of this analysis is the breakout above the upper trend line of the pennant, which Captain Faibik has confirmed. This breakout is a bullish signal, suggesting that the consolidation phase has ended and the upward trend is likely to resume. The breakout indicates a renewed buying interest and a potential acceleration in the price movement.
Based on the height of the initial flagpole, the projected target zone for BNB is highlighted in the green shaded area on the chart. This target is approximately a 50.5% surge from the breakout point. Given the current price of BNB at around $620, a 50.5% increase would position the new price around $935. This significant potential upside underlines the bullish sentiment surrounding BNB following the breakout.
As of today, BNB is priced at $620.14, with a 24-hour trading volume of $1,538,449,113.77. The cryptocurrency has shown a 0.51% price increase in the last 24 hours and a 9.34% increase over the past seven days. With a circulating supply of 150 million BNB, the current market cap stands at $95,930,745,462.
When compared to the broader cryptocurrency market, BNB’s performance is notable. Over the past week, BNB has seen a 9.40% increase, outperforming the global cryptocurrency market, which has risen by 9.20%. However, it is worth noting that BNB has underperformed when compared to similar Layer 1 (L1) cryptocurrencies, which have surged by 17.00% in the same period.
