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<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/BT0hZMN2-e1706029707380.png" class="attachment-full size-full wp-post-image" alt="BNB Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Amid the prevailing market downturn, BNB, the native token of leading cryptocurrency exchange Binance, has demonstrated remarkable resilience, consistently holding strong above the crucial $285 support level. As previously highlighted by Coingape, the <a href="https://coingape.com/price/binance-coin/" rel="noopener noreferrer nofollow">Binance price</a> is currently exhibiting a bullish flag formation on its daily chart, a development that suggests a potential for buyers to regain momentum and propel the token to higher levels.
<h3 id="b-why-bnb-price-is-poised-for-38-growth-b">Why BNB Price Is Poised for 38% Growth?</h3>
<ul>
 <li style="font-weight: 400;" aria-level="1">A recent reversal from the flag pattern resistance indicates the BNB price may continue in the correction phase.</li>
 <li style="font-weight: 400;" aria-level="1">As per the Fibonacci retracement tool, the coin traders may face sufficient demand pressure at $295 and $280</li>
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the BNB coin is $1.027 Billion, indicating a 20% gain</li>
</ul>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/b/BT0hZMN2.png" alt="Binance Coin Price " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Binance Coin Price| TradingView Chart
 </figcaption>
</figure>
Over the past month, the price of <a href="https://coingape.com/legal-showdown-binance-vs-sec-tensions-rise-in-court-hearing/" rel="noopener noreferrer nofollow">Binance Coin</a> price has shown significant volatility, fluctuating within the confines of a flag pattern defined by two converging, downward-sloping trendlines. Although these trendlines indicate a correction phase, the coin’s maintenance above the 38.2% Fibonacci retracement level suggests that the broader recovery trend remains unbroken.
<blockquote>
 As the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> fell below $40,000, the wider crypto market experienced increased selling pressure, extending the correction phase across most major cryptocurrencies. During this sell-off, BNB’s price took a notable hit, dropping from $320 to $295, culminating in a 7.85% decline over the last 48 hours.
</blockquote>
While there is a potential risk of the price of BNB dipping to $280 due to ongoing supply pressures, buyers still have a significant chance to reverse the trend as long as the flag pattern remains valid. Consequently, bullish traders should be on the lookout for a breakout above the pattern’s resistance trendline, as this would be a strong indication of an uptrend continuation.&nbsp;
Should such a breakout occur, it could potentially elevate the coin’s value to an impressive high of $430
<h2 id="b-is-binance-coin-price-ready-for-bull-run-b">Is Binance Coin Price Ready for Bull Run?</h2>
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/r/rVwr4KnN.png" alt="Binance Coin Price" width="1946" height="937">During the December rally, the <a href="https://coingape.com/binance-hearing-with-sec-is-on-with-coinbase-precedence-named/" rel="noopener noreferrer nofollow">BNB price</a> experienced a significant breakout from the resistance trendline of a symmetrical triangle pattern that had been forming over two years. This escape from a prolonged sideways trend signifies a major shift in market dynamics to provide an advantageous opportunity for buyers to re-enter the market and continue the recovery trend. Following the trajectory suggested by the triangle pattern, there’s a potential for BNB’s price to target a substantial-high of around $560
<ul>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope below 50% reflects the selling momentum is aggressive.</li>
 <li style="font-weight: 400;" aria-level="1">Exponential moving average. A bullish alignment between the daily EMAs (20, 50, 100, and 200) indicates broader trend remains positive.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/binance-hearing-with-sec-is-on-with-coinbase-precedence-named/" rel="noopener noreferrer nofollow">Binance Teases Coinbase Precedence in Hearing Against SEC</a></li>
 <li><a href="https://coingape.com/crypto-headlines-of-the-week-bitcoin-etfs-advance-binance-terra-propel-speculations/" rel="noopener noreferrer nofollow">Crypto Headlines of the Week: Bitcoin ETFs Advance, Binance &amp; Terra Propel Speculations</a></li>
 <li><a href="https://coingape.com/binance-lists-etc-ens-tia-in-fdusd-usdc-spot-trading-pairs/" rel="noopener noreferrer nofollow">Binance Lists ETC, ENS, TIA In FDUSD &amp; USDC Spot Trading Pairs</a></li>
</ul>
The post <a href="https://coingape.com/markets/why-binance-coin-price-outperform-bitcoin-recovery/" rel="noopener noreferrer nofollow">Here’s Why Binance Coin Price May Outperform Bitcoin Recovery in Coming Month</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Here’s Why Binance Coin Price May Outperform Bitcoin Recovery in Coming Month

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