- The Binance coin price is showing a continuation bullish pennant pattern.
- BNB may range from $600 up to $526 until Bitcoin is fully established.
- With the upgrade to BEP-336, altcoins could gain a lot.
Altcoins which debuted around 2023 and 2024 have seen impressive gains. During the writing of this article, however, many of these tokens had fallen by as much as 20%, 30% and 40% in the last three to five week. Binance Coin has maintained its resilience in spite of recent market volatility.
Please read also: BNB price eyes $400 as Binance Coin Bulls continue to show up
Altcoin Market in Shambles
These are some examples of altcoin performance in recent weeks.
- In the past four weeks, Dogwifhat has dropped 50% off its previous all-time highest (ATH) price of $4.87.
- Jito (JTO), which reached a local high of $5.32, has fallen 54% in three weeks.
- Heroes of Mavia has dropped 73% from the ATH of 10.94 in just nine weeks.
The Binance coin is now hovering around $544, after losing 15% over the last five weeks. BNB has now set up its own BNB. Local top $646 On March 16, and it is now setting lower highs, and higher lows. This suggests a consolidation.
After a rally of 63% between 6-16 March, a pennant pattern is formed by connecting the swing highs to swing lows. This continuation pattern is known as a bullish pennant. A breakout above the pennant confirms the continuation of an uptrend.
This technical formation’s target is calculated by adding to the breakout the distance of the rally that constitutes 63%, or the “flag pole”. The target for this forecasting method is $973. This seems ridiculously high. This is only a hypothetical forecasting technique.
BNB will have to overcome the $660 barrier if we go by the current price level. Binance Coin could try to surpass the $692 ATH and establish a new ATH at $700.
Chart for BNB/USDT 1 day
The Relative Strength Index and Awesome Oscillator are both bearish. The momentum of both indicators is the same. indicators The respective average levels of 50 (for the bulls) and 0 (0 for the bears) are falling below each other, indicating that momentum is shifting in favor of the bears.
BNB is not likely to make a move in a particular direction when Bitcoin The market is going sideways. It could instead consolidate at between $660 and $526.
Please read also: Binance Coin BNB Price Prediction: A V-shaped Recovery with 10 % Gains in Sight
BNB is affected by other factors
The price movement shows a demand for Binance Coin. However, it may be due to the hard fork that is coming up – Tycho. BNB Smart Chain ecosystem (BSC), which is set to be implemented on the testnet, will take place April 17th. The mainnet will be upgraded to Tycho around the middle of June if the testnet is successful.
This update supports Blob Transactions. It is a major game changer for Layer 2 rollups. The development is a significant step in reducing operating expenses for the entire ecosystem. Blob transactions were modeled on Ethereum’s Dencun Upgrade (EIP 4844).
Binance Smart chain users will benefit from a significant reduction in fees if this upgrade is successful. It is normal for BSC’s underlying assets to rise before the upgrade.
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