Binance coin (BNB) holds up best in current altcoin correction

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As an experienced analyst, I’ve witnessed my fair share of market corrections and observed the resilience of various altcoins. Among them, Binance Coin (BNB) stands out as the one that has held up best during this current correction.

As a market analyst, I’ve observed that numerous altcoins have taken a hit during the ongoing crypto market correction. However, among these, Binance Coin ($BNB) appears to be holding its ground the strongest.

As a crypto investor, I can recall the nerve-wracking three-month stretch in early 2023 when Binance Coin (BNB) hovered precariously near oblivion with a potential catastrophic price crash looming large. Fortunately, within less than a year, the coin’s price has staged an impressive comeback. Even amidst the ongoing crypto market correction, BNB’s price remains roughly 82% of its all-time high, demonstrating resilience and strong investor confidence.

Only a 23% retracement so far for $BNB

As a researcher studying the cryptocurrency market trends, I’ve observed that the price of $BNB reached its peak in mid-March. Unlike most alternative coins that have experienced significant drops of over 50%, $BNB has only decreased by a maximum of 23%. This decline aligns perfectly with bitcoin‘s maximum retracement.

Bull pennant breakout

On a day-to-day basis, the price forms a triangle pattern, known as a bull pennant. If this bullish formation breaks out upward, we can expect the price to reach approximately $830 – surpassing its previous all-time high of $690, achieved nearly three years ago.

Fibonacci levels point to $1,000 target

From a bird’s-eye view in the span of a week, it’s clear that the Fibonacci levels of 0.618 and 0.786 align perfectly with the two significant support lines. Moreover, as an ambitious goal for this ongoing cryptocurrency rally, the 1.618 level lies slightly above $1,000.

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2024-05-08 16:05