Despite the legal turbulence shaking Binance, crypto BNB continues to instill a sense of optimism among its investors. A striking bullish signal suggests a meteoric rise in the price of the platform’s native currency (BNB), promising exciting prospects.
A bullish pattern on the price of the BNB crypto
Despite the recent legal challenges that Binance has faced, its native token, BNB, has suffered from the aftershocks of the storm. Indeed, due to the tumultuous situation of the exchange platform, crypto BNB did not benefit from the $180 billion market boom.
However, a glimmer of optimism is emerging regarding a possible recovery of the BNB crypto, and this, in the context of a possible aggressive rise.
According to an analysis of Ali Charts, an analyst followed by more than 35,000 subscribers on Twitter, the situation deserves special attention. Currently, Binance Coin price is showing a descending triangle pattern on the weekly scale. This is a well-known technical setup in the world of trading and investing.
This figure, considered bullish, often precedes a significant breakthrough in the price of the asset, commonly called ” breakout“. Ali Charts suggests that a close above $260 would confirm a bullish breakout for the Binance crypto. However, before reaching this point, investors may observe a period of stability, requiring a dose of patience.
Optimistic outlook for Altcoins
The possible rise of Binance’s native cryptocurrency could be part of a broader bullish trend observed among Altcoins.
Indeed, the total market capitalization of crypto Altcoins recently recorded an upward breakout after 18 months of consolidation. Since October, it has increased by more than 40%, reaching a peak of $762 billion on December 13. After a slight correction, the total market cap of Altcoins currently stands at $715 billion.
According to Michaël van de Poppe, a renowned analyst, the next potential areas for a peak are between $1.1 and $1.3 trillion. This rise in Altcoins, in line with the overall bull-run of crypto markets, could put additional pressure on Binance Coin.
In the event of a recovery, the yearly high at $352.2 could constitute the first price target for the Binance native crypto.
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