Binance Coin Breakout Predicts $5,000 Price Target

Binance Coin (BNB) has been making waves in the cryptocurrency market after analyst Crypto Patel identified a bull flag breakout on the weekly chart. This technical pattern suggests that the price of BNB may be poised to continue its upward trend.

The breakdown of the consolidation zone was seen as a signal by traders that the uptrend is likely to persist, with a long-term price target of $5,000 set by Patel. The current support level for BNB is around $600-$700, which will be closely watched by traders in the coming days.

Technical indicators are also pointing to continued upward pressure on the price of BNB. The Relative Strength Index (RSI) is at 59, indicating mild bullish momentum, while the Moving Average Convergence Divergence (MACD) line is above the signal line and both are above zero. These indicators suggest that buyers currently have the upper hand in the market.