- BNB completed the first three phases of the Wyckoff pattern, signaling a potential price retracement before a new accumulation phase begins.
- BNB has consolidated between $465 and $610 since June, with a breakout above $610 potentially signaling a trend reversal toward its ATH.
- The RSI for BNB is 54.56, indicating bullish control, with gradual price increases expected if buying pressure sustains momentum.
Binance Coin (BNB), the fourth-largest cryptocurrency by market cap, has successfully completed the first three phases of the Wyckoff pattern. This development was confirmed by crypto analyst Marty Party, who has closely followed BNB progress.
According to his analysis, the cryptocurrency now stands at a critical point. This suggests that the market could avoid a significant price correction until a new accumulation phase begins.
Price Consolidation Maintains Stability
Notably, BNB has been consolidating between the price range of $465 and $610 since June. Despite these fluctuations, the cryptocurrency has not yet broken out of this zone. MartyParty’s analysis indicates that BNB has completed the accumulation, momentum, and distribution phases of the Wyckoff pattern.
Intriguingly, these developments are significant, as they suggest that BNB may be preparing for a “retracement” in price. This retracement would occur before the cryptocurrency enters its next phase of growth, provided there is sufficient buying volume to support it.
Additionally, a breakout above the $610 price level would mark a trend reversal for BNB, positioning it towards its all-time high of $720.67. At present, the cryptocurrency is still around 20% below this peak.
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However, analysts note that increased buying volume could push BNB toward new highs, especially if the current consolidation phase breaks in favor of the bulls. The recent 11.81% price increase over the past 30 days adds further optimism to this scenario, although short-term fluctuations remain as BNB has dropped 0.26% in the past 24 hours and 3.71% over the past week according to data from coinmarketcap.
RSI Indicates Bullish Momentum
Further strengthening the bullish outlook for BNB, the Relative Strength Index (RSI) currently sits at 54.56, indicating that bulls control the market’s price action. The RSI’s gradual upward trend suggests the possibility of continued price increases.
However, the cryptocurrency will need to see sustained buying pressure to break through its current consolidation phase. This technical indicator, combined with the completion of the Wyckoff pattern’s first three phases, presents a cautiously optimistic outlook for BNB in the near term.
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