Binance Coin (BNB) is drawing renewed attention from traders as technical indicators suggest a potential breakout may be imminent. With BNB hovering near a resistance level at $593 and posting $1.24 billion in daily trading volume, investor focus is turning to a classic triangle price pattern forming on the daily chart, often a prelude to major moves.
At present, BNB’s market capitalization sits at $83 billion, and the token has been showing signs of narrowing price action. Technical analyst Andrew Griffiths notes that the symmetrical triangle pattern marked by lower highs and higher lows typically signals a tightening range before a significant directional shift. Given BNB’s prior uptrend, bulls are hopeful the next move will be upward, provided key support zones hold.
However, the pattern also opens the door to a downside break if those support levels fail, making this a critical inflection point for the token.
Bullish Targets: $599, $617, and $644 in Focus
Should BNB break out upward, analysts have outlined three potential targets. The first is $599, just shy of the key psychological resistance at $600. Next is $617, a zone of notable resistance that BNB failed to overcome in March. The final level is $644, which represents the full width of the triangle pattern and could serve as a longer-term target in a bullish breakout scenario.
Despite these optimistic projections, BNB has yet to confirm any breakout and continues to test the edges of the triangle. For now, the market appears to be waiting for a decisive move.
32% Downside Forecast Adds Long-Term Uncertainty
While the technical setup hints at bullish potential in the short term, some analysts remain cautious. A conflicting price prediction sees BNB declining 32% to $402 by June 4, 2025, adding uncertainty for long-term investors. This bearish outlook contrasts sharply with current technical momentum, deepening the divide between short-term trading sentiment and long-term investment forecasts.
Currently, BNB has posted 15 green days out of the past 30, with price volatility around 2.5%. The Fear & Greed Index stands at 52, indicating a neutral sentiment across the broader crypto market. Traders continue to monitor the triangle pattern closely, as a breakout, whether upward or downward, could set the tone for BNB’s trajectory in the weeks ahead.
