The Binance Coin price prediction has changed from Monday’s outlook due to Wednesday’s price advance. This advance allows Binance Coin to extend its gains for the 4th day in a row, as a gradual recovery seems to be in the works.
The change in outlook comes as bulls seized the initiative on Monday, forcing an advance beyond the descending trendline that capped the recent progressively lower highs. The break of this trendline was reinforced by Tuesday’s 2.49% rise, prompting the new demand seen in the BNB/USD pair that has now changed the Binance Coin price prediction outlook to that of near-term bullishness.
The BNB/USD pair is up 14.25% as of writing.
The Binance Coin price prediction watch focuses on the emerging pattern on the daily chart. Wednesday’s surge has converted what looked like a pennant consolidation area into a double bottom, with price violating the neckline. A 3% penetration close above the neckline confirms the pattern and opens the door for a measured move towards 520.775. This move would need to uncap resistance levels at 414.18 and 479.95.
On the other hand, a rejection at 414.188 caused a price return to the 400.14 psychological support, with 379.84 and 357.04 serving as additional support targets. A further retreat and bounce off 334.24 or 314.95 sets up a potential triple bottom, which would still need to break the neckline at 379.84 to the upside to complete the pattern, retaining the price objectives of the double bottom pattern.
