The price of BNB has undergone notable fluctuations this year, peaking at $640 in March before entering a downtrend. The formation of ascending triangles indicates periods of consolidation, leaving the market at a pivotal juncture. A breakout from these patterns will provide critical insights into the future direction of BNB.
BNB price faces high fluctuations
After reaching a high of $640 on March 16, BNB began to form an ascending triangle, signaling consolidation and suggesting a potential continuation of its uptrend that started in October. According to Elliott Wave Theory, this pattern may represent the fourth wave in a five-wave sequence.
In early June, BNB briefly set a new yearly high of $721 but quickly retraced to the ascending support at $610 before breaking below that level on June 17. Following this, the downtrend formed a three-wave structure, bottoming at $400 on August 5. After finding support at this level, BNB started to recover, creating another ascending triangle with horizontal resistance near $600.
This situation presents two primary scenarios. First, it’s possible that BNB completed its five-wave impulse on June 6 and is now in a significant corrective phase. Alternatively, the spike on June 6 could be part of a larger sideways movement that began in March. If the low from August 5 marks the end of this consolidation, it could indicate the onset of an upward movement toward a new all-time high above $800.
As BNB approaches the apex of the latest ascending triangle, the direction of the breakout will be crucial. However, the inability to break above $600 recently raises concerns about a potential deeper correction.
BNB price prediction
In either scenario, it appears that BNB may have found its bottom on August 5, as suggested by wave analysis. The ongoing recovery could represent either a corrective wave or the beginning of a new impulsive move toward fresh all-time highs.
The interaction with the ascending triangle’s horizontal resistance has resulted in a rejection, prompting a downturn. Moreover, the wave structure of the triangle lacks a clear five-wave pattern, which supports the likelihood of an upward breakout. However, it remains possible that BNB could form a new all-time high after a brief decline.
A drop to around $450 seems plausible in the near term. Since August 5, the upward movement has been classified as an ABC correction, with the recent downtrend from the $616 high on September 27 marking the first sub-wave in this downward sequence.
As the market remains highly indecisive, awaiting a breakout from the current ascending triangle will provide a clearer direction for BNB's next move.
