Binance coin (BNB) holds up best in current altcoin correction

Binance coin (BNB) holds up best in current altcoin correction

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Many of the altcoins have been hammered during this current crypto market correction. That said, the altcoin that has held up the best is probably $BNB. 

During a period of maybe 3 months in 2023, Binance Coin (BNB) teetered on the edge of a catastrophic fall in price that could have led to possible extinction. Less than a year later, the price of $BNB has recovered to such an extent that even in the current crypto market correction, it is only about 18% under its all-time high.

Only a 23% retracement so far for $BNB

Source: Coingecko/TradingView

After hitting its local high in mid-March, the price of $BNB has traversed sideways, and where most other altcoins have experienced dips of 50% and more, $BNB has only fallen a maximum of 23% so far - exactly in line with bitcoin’s maximum retracement.

Bull pennant breakout

Source: Coingecko/TradingView

Moving out to the daily time frame, the price can be seen traversing within the triangle, which is a bull pennant. A measured move for an upside break of the bull pennant leads to a price of around $830 - eclipsing the all-time high of $690, set almost exactly three years ago.

Fibonacci levels point to $1,000 target

Source: Coingecko/TradingView

Zooming right out in the weekly time frame, it can be seen just how beautifully the fibonacci 0.618 and 0.786 levels coincide with the two major supports. In addition, perhaps as an inspirational target for the rest of this crypto bull run, the 1.618 level is at just over $1,000.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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