Binance Coin [BNB] Forms Bullish Falling Wedge Pattern, Targets $635-$715 If Breakout Occurs

Binance Coin [BNB] is the latest altcoin to display signs of a bullish breakout, according to a recent technical analysis.

Binance Coin (BNB) has displayed signs of a bullish breakout, forming a falling wedge pattern on the daily timeframe. If BNB breaks out of the wedge and sustains upward momentum, it could trigger a significant rally.

Analysing the BNB price action, several technical Fib extensions have been identified. If the breakout occurs, Fib extensions could serve as potential targets for the BNB price.

Based on the falling wedge pattern, market experts have suggested a short-term target of $635 if BNB breaks out of the falling wedge and maintains upward momentum. In the long term, experts believe $715 is an appropriate target if the bullish trend gains significant traction.

While the analysis is based on technical indicators and past price movements, it is not always foolproof. As cryptocurrencies are highly volatile, investing in them carries significant risks. It is therefore advised to always conduct thorough research and consider one’s risk tolerance before making any investment decisions.

BNB Chain Celebrates 4th Anniversary

In a related development, BNB Chain is preparing for its fourth anniversary. The leading blockchain ecosystem will mark the occasion with a grand celebration called “BNB Day.”

The festivities will begin on September 1, 2024, and may include a series of activities designed to engage the community, reward users, and promote education within the Web3 space.

As reported by TronWeekly, the Chain has already taken the first step in its anniversary celebrations by launching the 4th Anniversary Ecosystem Catalyst Awards.

The initiative aims to recognise and highlight outstanding projects in the Web3 ecosystem. The awards are divided into five distinct categories: Innovation Excellence, Decentralised Finance (DeFi), Gaming, NFTs, and the Metaverse, as well as Infrastructure Development.

The Innovation Excellence category will honour pioneers pushing the boundaries of technology, including advancements in AI, openBNB, and Greenfield technologies.

Meanwhile, the DeFi category will celebrate projects at the forefront of decentralised finance, creating innovative financial solutions.

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