The Binance Coin (BNB) has been in a sideways trend for over a month, aligning with the broader market consolidation, with Bitcoin’s price hovering around $70,000. This period of lateral movement, interpreted as pre-halving consolidation, aims to shake off weak hands while attracting buyers with strong conviction. Despite this uncertainty, BNB’s ability to maintain levels above a healthy retracement indicates a prevailing bullish trend.
BNB, the native cryptocurrency of the Binance Exchange, has been consolidating within a pennant pattern, suggesting a potential breakout. However, a recent market sell-off led to BNB’s price retreating from the upper boundary of the triangle, dropping by 2.86% to $588. This setback implies a continuation of sideways trading until a decisive breakout above the pattern’s edge occurs.
Despite the temporary pullback, the bullish nature of the pattern, combined with the upcoming Bitcoin halving, suggests a likelihood of BNB surpassing overhead resistance. A successful breakout could propel BNB beyond its previous high of $691, targeting a new level around $778.
Technical indicators such as the Exponential Moving Average (EMA) and Relative Strength Index (RSI) support this outlook, with the 20 EMA providing dynamic support during market corrections, and the daily RSI slope remaining above 50%, indicating bullish market sentiment.
