Analysis of the Binance Coin Price

Since the weekend before last, the cryptocurrency market has witnessed a substantial spike in positive momentum, with Bitcoin prices reaching beyond $62,000.

After a weekend of anticipation, the cryptocurrency market has seen a positive shift with Bitcoin prices reaching over $62,000.

According to analysts, this surge can be attributed to the German government's sale of Bitcoin and former President Donald Trump surviving an attempted suicide, which have contributed to the decrease in supply pressure.

As the rebound's momentum expands to the altcoin market, a price analysis of Binance coin reveals a fake breakdown from $500 to entice more buyers.

A Deeper Look into Binance Coin Price Analysis, Highlighting Opportunities for Buyers and Short Sellers A analysis of the price of Binance coins on the daily chart reveals a pattern of sideways movement, Coingape reports.

On June 4, the asset experienced a false breakout from the resistance at $645, followed by a false breakdown on July 7—a key point to note.

While these price swings may leave new traders feeling confused, they align more closely with the predictions of the Elliott Wave Theory, providing insight into the dynamics of the current market.

If the wave counts depicted in the chart above hold true, an examination of the Binance coin price reveals the formation of a corrective phase, a four-wave structure.

This particular formation is theoretically known as a counter-trend move, designed to allow buyers to regain the drained bullish momentum before the dominant trend resumes.

On June 4, market participants witnessed a false breakout from the resistance at $645, and on July 7, they saw a false breakdown from the support at $494. However, both failed to sustain and contain the aggressive trade occurring in the market.

According to the concept, the fake breakdown at the horizontal level of $500 trapped short sellers and provided an entry for potential buyers to acquire at lower prices.

An analysis of the Binance coin price reveals a rapid upswing to $577, indicating a gain of 23%. In succession, the total market capitalization reached $1.97 billion.

Using the Fibonacci extension tool, the possible target for the fifth impulse wave could be $775, followed by $974.6 as the next potential target.

Technical Indicator

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