- Binance Coin is currently trading at $1,109.38 with a market cap of $152.06 billion.
- Analyst expects a rally of $10,000 as BNB’s Inverse Head and Shoulders Pattern confirmation.
- Holding $1,090 support and breaking $1,125 resistance could push BNB toward $1,174 short-term.
Binance Coin (BNB) is showing steady momentum despite minor price declines, currently trading near $1,110. Market analysts have emphasized sharp technical patterns indicating a large potential for a substantial growth rally that could lead to Binance Coin’s value reaching near the ambitious mark of $10,000.
Currently, BNB is trading at $1,109.38, showing a mild 2.82% decline in the past 24 hours. Its market capitalization stands at $152.06 billion, with a 24-hour trading volume of $6.06 billion, giving it a 3.94% share of the global crypto market. Despite the slight dip, analysts suggest a major uptrend could be forming.
Multi-Year Bullish Pattern Signals Major Upside
A market analyst, Crypto Patel, highlighted that Binance Coin’s macro-level chart shows a bearish setup for a massive rally to reach $10,000. He highlighted that the multi-year inverse Head and Shoulders pattern has already broken, marking a significant bullish milestone. Based on this pattern, the analyst believes BNB could first aim for $2,500 in the ongoing cycle.
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BNB Holds Strong Within Upward Channel
Currently, the coin is trading within an upward channel. In this channel, prices are supposed to bounce off the lower boundary and march towards reaching the top boundary. BNB is trading close to $1,115. As long as support at $1,090 is maintained, this scenario is still valid.
Support areas have formed at $1,106, which has been repeatedly tested, followed by stronger supports at $1,090, $1,056, and $1,016 in case of deeper corrections. On the other hand, resistance is positioned around $1,125, a key level preventing further upside. A breakout above that level is observed, tests of $1,148 and then $1,174, which mark the upper range of the channel.
Momentum Indicators Show Rebound Potential
The technical reading of Stochastic RSI is indicating a possible upside as it has moved past its oversold level. However, a clear breakout above $1,125 will be required to reinforce that a continuation phase has begun.
Should BNB stick to trading within the range of $1,106 to $1,090 and break past $1,125, a projection to $1,174 is expected. But if a break below $1,090 is made, a correction to either $1,056 or even $1,016 may happen.
Overall, BNB is still in a cautiously positive setup. As long as important levels are supported, Binance is still on track to recover, possibly laying the groundwork for BNB’s ambitious $10,000 in BNB in the long run.
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