Overview
Under the influence of broader market recovery and a bullish pattern, the Binance Coin Price is eyeing a rally above $350.
Binance Coin Price Amid Market Recovery
Amid the current recovery trend in the crypto market following the Bitcoin price rally to $50,000, the BNB price has picked up momentum, surpassing the $300 mark. The renewed buying pressure has surged the coin price by 12% within a fortnight, currently trading at $333. This recent uptick has bolstered buyers for a bullish breakout from the overhead resistance of the flag pattern, paving the way for a higher rally in the near future.
Market Recovery and BNB Price Projection
Will the ongoing market recovery push the BNB price beyond $350? BNB, the native cryptocurrency on the Binance Exchange, has experienced steady correction since the beginning of 2024. From the last swing high resistance of $338, the retracement phase propelled the coin’s value to a low of $287, marking a 15% drop.
Analysis of the daily chart identified this pullback as the formation of the flag pattern. This bullish pattern formation, coupled with the broader market recovery, supports a positive turnaround in BNB price. The reversal has led the altcoin value to surge by 16.5% within three weeks, reaching the current trading price of $332.
Legal Concerns Impacting BNB Momentum
However, compared to the broader market, the Binance coin price rally appears weak in momentum, potentially influenced by the ongoing legal actions involving Binance’s former CEO, CZ. The sentencing of Changpeng Zhao has been postponed to April 30th due to a violation of the Bank Secrecy Act. After admitting guilt, he is potentially facing a maximum of 18 months in prison. The Binance coin has recently lost its position as the fourth-largest cryptocurrency to Solana and dropped to fifth place.
Future Price Projection
If BNB prices manage to sustain the current recovery momentum, the buyers may drive a rally to $350, followed by $400.
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