BNB Completes Wyckoff Pattern: Analyst Predicts Retracement
coinedition.com 01 October 2024 10:56, UTC Binance Coin (BNB), the fourth-largest cryptocurrency, has completed the first three phases of the Wyckoff pattern, according to crypto analyst MartyParty. This suggests BNB may avoid a significant correction until a new accumulation phase begins.
MartyParty shared his successful BNB trades based on the Wyckoff pattern in an X post. This technical indicator consists of four phases: accumulation, momentum, distribution, and discount. BNB has progressed through the first three, signaling a potential “retracement” in price.
Exactly 4 months of Liquidation Level trading. #BNB perfect 3 flushes of the Wyckoff executed over 4 months. Flawless. Now we retrace.#wegoingup pic.twitter.com/9bVLZc3Zdh
— MartyParty (@martypartymusic) September 30, 2024
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BNB appears to have finished the first three phases, and prices will now likely “retrace,” according to MartyParty. The cryptocurrency hasn’t broken out of its consolidation phase and has traded between $465 and $610 since June.
A breakout above $610 toward the all-time high of $720.67 would signal a trend reversal. However, BNB is currently around 20% below its ATH, suggesting new highs are possible if buying volume increases.
BNB Price Analysis
The BNB token price analysis suggests a bullish picture for the altcoin with the cryptocurrency skyrocketing 11.81% in the past 30 days. However, BNB is down 0.26% in the past 24 hours and 3.71% in the past week.
The TradingView chart below shows the Relative Strength Index (RSI) for BNB at 54.56, indicating that bulls control price action, while the line’s gradient suggests a slight price increase soon.
The accumulation of the BNB skyrocketed in March and since then, has been on the same level and in order to break above the consolidation zone, BNB needs additional buying volume.
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