Binance Coin (BNB) is testing a major resistance level, drawing the attention of analysts. Its potential price shifts are sparking discussions on future price targets.
Cup-and-Handle Formation Indicates Strength
According to CryptoELlTES analysis, a cup-and-handle formation has appeared on the BNB/USDT time frame. The initial sharp decline created a rounded bottom, forming the cup, followed by the handle as the price neared resistance, featuring minor retracements and consolidations. This formation remains intact, supporting a bullish outlook and indicating accumulation before a decisive move upward.
Volume and Market Participation
Trading volume remains stable, showing consistent market participation. Buyers control the market, preventing major declines below established support levels. A rise in volume could confirm a breakout. If the resistance level is breached, it could signal a strong breakout. BNB continues to move upward within the current pattern.
Key Resistance Level Analysis
The resistance level acts as a barrier, restricting upward movement. The market has tested this zone multiple times without breaking through. If BNB surpasses this level, analysts identify key price targets: $1,000, $1,250, $1,500, and $2,000. Each level presents potential consolidation points before further price increases. The market structure supports continued upward momentum if resistance breaks.
BNB continues to be on the verge of a significant breakout, making it a focal point for analysts. Attention to volume and market movements will help determine future trends.
