The BNB price has displayed a rare pattern, which suggests that its price could reach $1,200 in the next few months. This development follows BNB’s trading price of $616 as of November 19, indicating a dramatic increase of 240% from its lowest value this year.
The surge in price has consequently increased Binance Coin's market capitalization to over $88 billion. Analysts are closely watching the formation of the highly bullish 'Cup and Handle' pattern, which is generally indicative of upward price movement.
This technical pattern, combined with the current market dynamics, fuels speculation and optimism about BNB's potential price outcomes. The pattern suggests this cryptocurrency could remain bullish and continue its upward trend in the coming months.
The article originally appeared on CoinGape, a site dedicated to cryptocurrency markets, emphasizing the significance of the trend and offering insights on potential future prices for BNB.
