BNB price has dropped by ∼22.7% from the year-to-date high, but the weekly chart points to an eventual rebound as it has formed a cup and handle and bullish flag patterns. Binance Coin was trading at $560, down by ∼10% from its October highs.
BNB Price Forms a Cup and Handle Pattern
In an X post, Crypto Pig, a trader with over 37,000 followers noted that the BNB price was on the cusp of a big bullish breakout, citing the cup and handle pattern. He expects that the coin will blast upwards when it clears the important resistance level at $650.
BNB X post
The weekly chart confirms that the coin has formed this C&H pattern, which is characterized by a rounded bottom, followed by a pullback or a consolidation phase. In Binance Coin’s case, the lower part of the pattern happened in June 2022, while its upper side was near the psychological point at $700.
BNB coin has been forming the handle section since March this year. For this pattern to work out, Binance Coin will need to
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