The ongoing price boom in the Binance Coin (BNB) market is painting a classic bullish chart pattern with an upside target of $560.
Dubbed as Cup and Handle, the pattern appears when the price forms an advance that appears like a U-shaped trend (Cup). That follows up with a formation of a descending channel range (Handle). A breakout above the Handle range typically leads to an upside continuation, with a bullish target at a length equal to the Cup’s size.
So it appears that BNB has undergone a price trajectory that looks like the Cup and Handle pattern. Furthermore, the cryptocurrency’s latest rally, accompanied by an increase in trading volumes, took its prices above the Handle range—a breakout—that raised the possibilities of bullish continuation ahead.
BNB/USD 4H price chart featuring Cup and Handle setup. Source: TradingView.com
As a result, should the BNB price rally sustain, it will eye a run-up towards the Cup and