Will $BNB Price Surpass $650 By April End?

Binance Coin Price Analysis: BNB, the native cryptocurrency of the world’s leading crypto exchange, has outperformed the broader market downturn following the Bitcoin halving. The altcoin is currently trading at $607, up 18.4% from its April 17 low of $512. This price increase on the verge of a pennant pattern breakout suggests an opportunity for buyers to target $700.

Also read: BNB Update: Top reasons why BNB could reach $700 soon

Will BNB’s Q27 burn break the flat trend?

Binance Coin Price Analysis | Trading

The short-term trajectory of Binance coin shows sideways movement, characterized by converging trend lines of pennant formation. This technical setup is often seen in established uptrends and provides an occasional breather for buyers to regain bullish momentum.

In the latest update of BNB Foundation reported by WuBlockchain, the crypto world has just witnessed a significant token burn event. The 27th Quarterly BNB Burn was successfully completed, automatically removing a staggering amount of 1,944,452.51 BNB from circulation.

This burnout amounted to an estimated $1.17 billion, underscoring the BNB Foundation’s commitment to the deflationary mechanism within Tokenomics. The protocol behind this automatic writing is recalculated every quarter to maintain consistency with ecosystem growth and his BNB’s performance.

With the current buying momentum, Binance Coin price is poised to challenge the upper end of the pennant pattern. A successful breakout would indicate a continuation of the prevailing bull market and select a potential target of $775.

Conversely, if supply pressure in the broader market persists, BNB price will reverse from the overhead trend line. This reversal can extend the ongoing price movement trend for days or weeks.

This means that whether BNB price recovers to $650 by the end of the month depends on this week’s triangle breakout.

Technical indicators:

  • Exponential moving average. Analyzing the daily chart, we can see that the slope of the 50 EMA acted as dynamic support for BNB during the market correction over the past four months.
  • Directional movement index: A bullish crossover between DI+ (blue) and DI- (orange) suggests positive sentiment towards a return to this asset.

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