BNB breakout of a bullish “cup-with-handle” pattern

The BNB market has been active in the last 24 hours with a gain of almost 8%. Accordingly, the chart is forming a classic bullish pattern with a target up to $560.

Called the “cup and handle,” this pattern occurs when the price has a U-like upward trajectory (cup) and is followed by a descending channel range (handle). Breakouts on the handle range usually lead to a bullish continuation pattern, with a target length equal to the size of the cup.

So it looks like BNB has taken a price trajectory that looks like a cup and handle pattern. Furthermore, the latest rally has been accompanied by an increase in trading volume and has taken the price above the handle range (breakout), increasing the likelihood of a continuation of trading higher in the near term.


Price chart BNB/USD 4 hour with cup and handle pattern | The source: TradingView

Therefore, if the bullish momentum holds, BNB will aim for a cup-and-handle breakout near $560. Conversely, if the price falls below the resistance of the cup (~$437), there is a risk of invalidating the entire bullish setup.

The element basic give BNB price

The latest BNB bull run comes after Binance launched a $1 billion fund through blockchain project Binance Smart Chain (BSC) to accelerate adoption across the entire crypto industry. The fund sets aside $300 million for projects building decentralized applications on BSC as reported by Bitcoin Magazine.

Traders often view blockchain project-powered incubation events as an increase in the price of their original assets. Such events incentivize developers to build new projects on top of the platform’s public/private ledgers, driving demand for internal tokens.

For example, in early October, Solana, a base-layer public blockchain protocol, announced a reward of more than $5 million and seed funding for developers participating in a global hackathon called Ignition. The news helped push up the price of SOL, Solana’s native token, by 35%.

BNB seems to have experienced a similar round of speculation.

Cryptocurrency data tracking service Santiment has also detected increased BNB accumulation across wallets holding millions of dollars in tokens. Whales holding 10k to 100k BNB have purchased around 412,000 BNB in ​​the past 2 weeks thus adding 8.7% of the tokens to their existing holdings.


BNB Whale Holder Data | The source: Santiment

Wealthy investors ramped up their BNB accumulation despite warning signs from regulators in several countries.

Binance is still being investigated by the agency in the US and this has caused hedge funds like Tyr Capital and ARK36 to stop or reduce the size of trading on the exchange.

You can see the BNB price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to Cointelegraph

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