BNB Price Targets $800 As Trendline Fakeout Strikes Again

Key Insights:

• Binance Coin (BNB) price rebounds to $643 after fake-out beneath trendline.
• Binance Coin bulls need a daily close above $670 to confirm breakout strength.
• Cup-and-handle setup implies an $820 target if the neckline clears on decisive buying.

BNB price has once again bounced back after briefly dipping below a key trendline. This action initiated another false breakdown as it caused a panic selloff. The pricing framework is reaffirming old trends in late 2023 and early 2024.

Binance Coin staged two prior fakeouts below the ascending support line in those cases. After that, it rallied by 41% and 19.5% respectively. Meanwhile, the BNB price is above $640 and shows resilience.

BNB Price Mimics Previous Fakeout Breakouts

According to analyst Lord Of Alts, Binance coin has triggered another fakeout, the third instance in this cycle. BNB price briefly fell under its rising trend line and soon regained that level. The two prior fakeouts had led to significant rallies, with 1 producing 41% and the other 19.5%.

The chart showed a clear trend. Every dip beneath the support of the trendline attracted a wave of bearishness, followed by a sudden turnaround in price.

Then, the same pattern was repeated, where the price increased for big bullish candles. This month, the same structure has re-emerged. After faking it, Binance coin appeared to break down and retook the trendline strongly.

Such consistency may imply a manipulation of prices through an algorithm or sentiment close to areas of support. When the bears are pulled in again, the market swings up again.

The new fakeout at just over $600 might be the foundation of the next leg higher. That depends on confirmation candles closing above $660–$670.

Cup-and-Handle Structure Shows Building Strength

Moreover, a Crypto analyst, Batman, indicated a bigger cup-and-handle structure on the daily chart. This classic bullish continuation pattern began forming last year. It unfolded as a powerful rally after the BNB price touched and regained the bottom.

Notably, the current price structure mirrors that historical arc. After bottoming multiple times near the $520–$550 zone, Binance Coin curved upward.

This suggests accumulation followed by reaccumulation. The curved base forms the cup’s lower part. Dips below $600 in recent times may be the period of the consolidation of the handle.

Historically, such a tendency contributed to prolonged rallies, particularly in the presence of robust breakout volume. BNB price is again testing the resistance and has not found any downward momentum. This makes the setup more compelling.

Interestingly, both analysts highlighted the breakout’s timing. The base structure has taken months to develop, while the handle’s range has tightened recently. This often comes before a volatility spike.

If Binance Coin price closes above the neckline near $675, it could confirm a breakout. The target would be above $800. Furthermore, this technical adherence to the fakeout set up reinforces the thesis.

Fakeouts offer short-term signals. The broader cup-and-handle adds long-term bullish structure. That increases the chance of sustained upward movement.

Volume and Sentiment Remain Key Catalysts

Despite encouraging technicals, Binance Coin has yet to see a strong surge in volume. This usually follows breakout moves. The price makes sense, but without follow-through demand, it lacks confirmation.

Volume contraction during consolidation is normal. Nevertheless, it should turn in the opposite direction in case of a breakout to maintain the momentum. Historical rallies exhibited severe spikes in buy volume following breakout candles. This has not yet occurred.

Sentiment in the broader crypto market remains mixed. BTC is reconsolidating below the $105,000 price, and ETH is defending its 50W MA. Altcoin rotations have been inconsistent.

However, BNB price structure implies that the altcoin can break away from general tendencies amid recurring patterns.

BNB Price Coils in Descending Triangle, Eyes $700 Breakout

As the BNB price consolidates above $640, another setup has been formed on the daily chart. It is a descending triangle. Analyst Carl Moon highlighted that Binance Coin is coiling within this triangle. This suggests growing pressure before a breakout.

A bullish breakout above the triangle’s upper boundary could push BNB price toward the $700 mark. This resistance level now acts as the trigger zone.

Should price break out decisively above it, the chart pattern would confirm a 52-point projected upside. The formation will support pre-bullish patterns and provide an additional alert to the expanding breakout trend.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.