Controversial Altcoin Could Experience Significant Surge Following Promising Market Signal, Renowned Analyst Predicts
Renowned crypto analyst Ali Martinez recently highlighted a potentially bullish pattern forming in Binance Coin (BNB), the native token of the Binance ecosystem. Martinez suggested that the coin’s head and shoulders pattern could trigger a breakout, leading to a surge of over 25% and pushing its price toward the $310 mark. To confirm this bullish scenario, BNB needs to sustainably close above the neckline at $261. At present, BNB is trading at $247, showing a modest 4.8% increase over the past week.
A head and shoulders pattern is commonly employed by technical analysts to identify possible trend reversals. It consists of three peaks, with a higher peak (the head) flanked by two lower peaks (the shoulders). Typically, this pattern indicates a bearish reversal, implying that an uptrend may transition to a downtrend.
It is worth noting that Binance, the leading crypto exchange, recently reached a settlement with a coalition of U.S. regulators, agreeing to pay a record-breaking penalty of $4.3 billion. The exchange faced accusations of violating sanctions and money-transmitting laws, resulting in its founder Changpeng Zhao stepping down from his position and admitting to felony charges of money laundering brought by the U.S. Department of Justice. Richard Teng replaced Zhao as Binance’s new CEO, and an independent compliance monitor is overseeing the exchange’s operations for the next five years.
During the bear market, BNB’s price plummeted from an all-time high of around $700 achieved during the 2021 bull run to a low of just under $200. However, in recent weeks, it has steadily shown signs of recovery.
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