The cryptocurrency market continues to face significant volatility. The main changes are happening in the prices of Ethereum and Binance Coin, drawing traders' attention.
Market Situation
The cryptocurrency market is experiencing an unstable period. Ethereum (ETH) briefly fell to $4,490 from its 24-hour high of $4,642, marking a 3% drop. This event has exerted slight pressure on major altcoins.
Harmonic Model of Binance Coin
Despite the general volatility, **Binance Coin (BNB)** continues to remain in the green. A **Bearish ABCD harmonic pattern** is forming on its daily chart. This structure, despite its name, typically leads to a bullish rally before testing the Potential Reversal Zone (PRZ). The model began with a rally from Point A near $729.4 to Point B, followed by a pullback to Point C around $829.0, where strong buying pressure reemerged. Currently, BNB is trading around $875, confirming that the CD leg is underway.
Outlook for Binance Coin
If bullish momentum holds, BNB could rise towards the resistance level at $1,001. This level is expected to act as a major barrier, where short-term traders may start to book profits, potentially leading to a pullback. Traders should also be mindful of possible retracements towards lower support levels. Overall, the harmonic structure suggests that BNB remains in a bullish phase with higher levels still on the table if buyers maintain control.
In the context of market volatility, it is particularly important to monitor price changes in key cryptocurrencies, especially Ethereum and Binance Coin, which show partly opposite trends.
