Albert Brown
Putting a sudden halt in the recovery rally, Binance Coin (BNB) holds a strong stand within a consolidation range as the broader market pulls back. Will the $BNB bulls overcome exhaustion for a breakout rally to create a new ATH above $900?
With a market cap of $83.19B, BNB is trading at a 21% discount from its ATH of $720. The $BNB token price registers a YTD growth of 83% but consolidates over the last few weeks.
As the bullish exhaustion in Binance Coin warns of a breakdown rally, will the $BNB token manage a bounce back? Let’s take a closer look at the BNB price analysis to find the consolidation breakout chances.
Is This Range Formation Bullish for BNB?
In the 4H chart, Binance Coin is moving in a lateral fashion between two critical levels of $550 and $600. Forming multiple crests and troughs, the trend momentum remains trapped in the range.
However, the prevailing bullish trend in early June completes a theoretical flag pattern. Hence, the overall nature of the consolidation range is bullish for Binance Coin and might result in a positive outcome.
In the last 4 hours, the BNB price has been up by 0.40%, which forms a morning star pattern. Thus, the price action reflects a potential upcycle starting shortly.
The 4H RSI line reveals a bullish divergence in the recent dip compared to the first retest of the $550 support level last week. Meanwhile, the crucial EMAs (50 and 200) maintain a sideways movement similar to the price trend but in a positive alignment.
Weekly analysis for a New ATH in Binance
In the weekly timeframe, the recent V-shaped revival in the Binance Coin uptrend from the 50W EMA bolsters the bull run. With the constant struggle to surpass the $650 barrier, $BNB has taken a few steps back over the last two weeks.
As per the Fibonacci retracement levels, the breakout rally of the all-time high level will pump Binance Coin to $911, a 62% rise. In the 4H chart, the trend-based Fibonacci levels present a target of $745 or the 1.618 Fib level.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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