The cryptocurrency market shows notable growth, especially for Ethereum and Binance Coin. BNB continues to attract traders' attention due to its recent achievements.
Overview of the Cryptocurrency Market
The cryptocurrency market remains strongly bullish, with Ethereum (ETH) posting a 9% daily gain, trading above the $3,400 mark. This optimism is spreading to major altcoins, with Binance Coin (BNB) rising 7% over the past week and 21% over the last 90 days.
The Harmonic Pattern of BNB and Its Significance
BNB is forming a harmonic ABCD pattern on the daily chart, a formation traditionally signaling trend continuations. The pattern starts from point A at $534.30 in April and rallies to point B near $709.40. After a corrective move down to point C at $601.25 in late June, BNB began a new leg higher, currently trading around $718.
Prospects for the Growth of BNB
Based on harmonic projections, the 1.70 Fibonacci extension of the BC leg suggests a possible move towards $764.68. This level also coincides with the length of the AB leg and represents the Potential Reversal Zone (PRZ) where traders may expect the pattern to complete. If the movement continues, BNB could gain an additional 6–7% from current levels before encountering significant resistance.
Binance Coin shows clear signals for further growth within the overall bullish trend in the cryptocurrency market. Investors and traders are closely monitoring the situation, anticipating challenges in reaching the $760 mark.
