Binance Coin (BNB) experienced a significant dip of 7.13% in the past 24 hours, plummeting to $819.83 after reaching its peak at $876.70. Despite this decline, analysts remain optimistic about BNB’s long-term potential.
Crypto analyst Crypto Patel noted that historical patterns suggest a bullish breakout pattern is unfolding for BNB. He pointed out past cycles with significant accumulation zones leading to substantial rallies of over 2,000%.
Patel’s analysis highlights a current price range between $700 and $500 as an attractive entry point.
Analyst Hardy Degen further supports this view by observing the classic breakout and retest pattern in BNB. He points to a recent breaking of the long-term descending trend line, followed by a pullback for retesting the level. This confirms a potential bullish setup according to Hardy.
Moreover, support near $793.70 has held throughout this correction.
Analysts emphasize the significance of historical accumulation zones in shaping BNB’s future price action. Past cycles suggest continued upward trends after periods of sideways trading.