Date: Sat, Nov 23, 2024, 09:10 AM GMT
In the cryptocurrency market today, the prices of major altcoins are beginning to gain momentum as Bitcoin dominance declines. BTC dominance has dropped to 59.40%, down from its recent high of 60.40%, following Bitcoin’s historic rally to an all-time high of $99,504 yesterday.
With Bitcoin surging nearly 47% in the past 30 days, attention has shifted to altcoins as they begin their own breakout phases. Top assets like Cardano (ADA) and XRP have already posted significant gains. Meanwhile, Binance Coin (BNB), the 5th largest cryptocurrency by market capitalization, is garnering attention as it surges by 6% today, reaching a price of $668 with a market cap of $96 billion.
Eyeing a Major Breakout From Cup and Handle
BNB’s weekly chart is showing a classic Cup and Handle pattern, a widely recognized bullish continuation formation in technical analysis. This pattern often signals a strong potential rally once the price breaks above the resistance level.
1.The Cup:
The “cup” is a rounded bottom formation that starts from a prior high, followed by a prolonged period of decline, accumulation, and eventual recovery. For BNB, the cup began after its all-time high of $670 in May 2021 and developed over the last two years as the price gradually rebounded.
2.The Handle:
The “handle” forms as the price consolidates just below the key resistance level. This phase is marked by smaller, sideways-to-downward price movements, reflecting the final shakeout of weaker hands before a breakout.
For BNB, the handle phase has played out in the past few weeks, with the price hovering near the $669–$720 resistance zone.
Is a Bullish Rally On Horizon?
If BNB breaks above $680 and $720, the Cup and Handle pattern suggests a 70%–80% upside from the breakout point. This would place the next price target in the range of $1,200–$1,300. The target is derived from the depth of the cup and projected upwards.
Given BNB’s role as the native token of Binance, the largest cryptocurrency exchange, the token holds significant intrinsic value. Combined with bullish market conditions, this breakout could establish BNB as one of the top-performing assets in the ongoing altcoin rally.
Conclusion
Binance Coin (BNB) is on the verge of a potential breakout from a long-term Cup and Handle pattern, a bullish setup that could push the price toward the $1,200 mark. With Bitcoin dominance declining and altcoins gaining traction, BNB could emerge as a standout performer.
As always, investors should remain cautious and conduct their own research before making any investment decisions. The cryptocurrency market remains highly volatile and unpredictable.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own research before investing in cryptocurrencies.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
