Search ForexCrunch
  • Binance Coin price has formed a bull flag on the 4-hour chart.
  • The digital asset faces just one critical resistance level before a massive 25% breakout.
  • Whales have accumulated a lot of BNB lately, despite increasing prices.

Binance Coin price has been outperforming the entire market for the past two months, reaching a market capitalization of $90 billion. Many analysts believe BNB could even overtake Ethereum, which stands at a $280 billion market cap.  

Binance Coin price needs to climb above this key level for a massive breakout

On the 4-hour chart, BNB has established a bull flag with its resistance trendline formed at $550. Binance Coin bulls currently try to defend the lower boundary support and aim for a rebound toward the upper trendline.

A breakout above $550 will drive Binance Coin price to $680, a 25% move calculated by using the height of the flag’s pole.  

bnb price

BNB/USD 4-hour chart

Surprisingly, the number of whales holding between 100,000 and 1,000,000 has increased in the past month despite BNB hitting new all-time highs. Since the beginning of April, this number jumped from 37 to a peak of 40 on April 11. This indicates that large holders believe Binance Coin could rise even higher and are accumulating.

bnb price

BNB Supply Distribution

However, it’s worth noting that a 4-hour candlestick close below the lower boundary of the pattern will invalidate the bullish outlook and could also drive Binance Coin price down by 25% toward the psychological level at $400.

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.