The popular cryptocurrency trader and analyst Charting Guy brought attention to a key event associated with Binance Coin (BNB), the third largest cryptocurrency by market capitalization. This is due to the fact that the price of BNB as indicated by Charting Guy is on a breakout in the price discovery level to hit new ATH.
The analyst highlighted a specific behavior of BNB’s price, namely the triple top pattern that is often understood as bullish and which has been mentioned by many analysts in relation to Bitcoin (BTC). In relation to Guy’s observation, it can be inferred that the current behavior of Binance Coin may be an indication of what could happen to BTC soon.
BNB’s Triple-Top Hints BTC Surge
The triple-top pattern that can be observed on the BNB chart is a bullish pattern. This is the same pattern that many are expecting to happen on BTC, and in the view of Charting Guy, this is what BNB is depicting what BTC is to go through. This is especially important now, as the market is still focused on the development of the key cryptocurrencies. Binance Coin’s surge may be an indication of some patterns in the market and shifts towards the positive direction in the other cryptocurrencies, including Bitcoin.
Binance Coin has risen in recent weeks due to several factors such as adoption of the Binance Smart Chain and the DeFi craze. It has done better than many of the other cryptocurrencies and has attracted the interest of investors and analysts.
BNB has been on a roll recently as the cryptocurrency keeps on shattering its previous prices. This rise is considered as the result of the efficient and constantly developing infrastructure of the Binance platform and its growing applicability. Therefore, Binance Coin is popular among traders and investors who want to get high profits.
Analysts are now looking at the price action of BNB as a leading indicator for other major cryptocurrencies in the crypto market. People are watching closely if BTC will go the same way, as Charting Guy indicated. This is based on the fact that from the available historical data there is evidence that large price changes in Binance Coin precede large price changes in BTC.
BNB price behavior in the present time is a strong signal of the cryptocurrency, being among the top cryptos, and may be indicative of Bitcoin’s future. These next few weeks will be important in figuring out if BTC will also mimic the path of BNB as what Charting Guy and other analysts have said. The crypto market is still very fluid and BNB’s break out can be considered a significant development that can affect the market in a big way.
