Markets seem to be under selling pressure as they await the decision of the Federal Reserve, and many altcoins are going through a weak period on the weekly charts. However, Binance Coin (BNB), which showed low performance during the mini altcoin rally in the past weeks, could now be moving within a stronger structure.
Renowned crypto analyst Ali Martinez suggests that Binance Coin might be in the process of forming a head and shoulders pattern. According to the analyst, if there is a sustainable close above the neckline at $261, there could be a sharp breakout potential, and the price movement could trigger a move towards a $310 target for BNB.
At the time of writing, BNB Coin is trading at $247 with a market cap of $37.4 billion, experiencing a 3% decline. Binance Coin (BNB) appears to be on the verge of reclaiming the significant psychological resistance level of $250 and is challenging this area. In addition, there is a significant trend resistance area at the $258 level for Binance, where buyers may face potential challenges.
Although the market’s improvement trend seen in recent weeks has given way to uncertainty before the Fed decision, it is possible for BNB’s price to surpass $258 and reach a potential rise towards $300. Investors are closely monitoring these key levels for potential changes in BNB’s price throughout the process.
Three main metrics indicating that Binance Coin (BNB) prices may continue their upward trend are Volume, Social Dominance, and Open Interest in USD. According to data provided by Santiment, BNB volume increases show a correlation with the asset’s price peaks.