BNB Price Could Rebound As Analyst Calls It a 'Fantastic Play”

Crypto analysts believe that the Binance Coin price still has bullish catalysts that could push it above $1,500 in the ongoing bull run.

BNB price dropped sharply on Friday, November 15, as the recent bull run faded. The coin, which reached highs of $670 earlier this week, now trades at $622, showing a drop of over 6% from its recent peak. This decline mirrors the performance of other major cryptocurrencies like Bitcoin and Ether, which have also seen some gains erased.

Despite the recent pullback, analysts are still optimistic about the future of BNB price, with some predicting more gains ahead. In an X post, Mando CT, an analyst with over 590,000 followers, called BNB a “fantastic play” for long-term holders.

“Tech: Bull flag cup and handle,” he wrote, highlighting two bullish continuation patterns. A flag is characterized by a long flag pole and a rectangular pattern, while the cup and handle is made up of a rounded bottom followed by a pullback or consolidation. In most cases, these patterns lead to more gains once a bullish breakout happens.

Other crypto analysts are also bullish on BNB price. Ash Crypto, a pro with over 1.2 million followers, sees the coin rising to between $900 and $1.400 this year. A jump to the lower side of his estimate would imply a 45% increase from the current level.

“$BNB looking good,” he wrote in a recent tweet. “Lower time frame HTF is showing bullish continuation. Still in a consolidation zone on the daily. A daily close above $720 should send us to new all-time highs.”

Crypto Rand, another popular analyst, believes that BNB is consolidating before another leg up. “$BNB completing its consolidation,” he wrote in a recent tweet. “4-hour HTF is showing lower highs and higher lows. A 12-hour candle close above $620 should send us back to the all-time highs.”

On the daily chart, the BNB coin bottomed at $401 in August and then bounced back to $622 today. This recovery happened as Bitcoin and most altcoins bounced back, and as the BNB ecosystem boomed.

The coin has made a break and retest pattern by moving back to the key point at $617.57, its highest swing on September 29, and the upper side of the black ascending triangle pattern.

It has also formed an inverse head and shoulders pattern, which is a highly popular continuation sign. It remains above the 50-day and 100-day moving averages.

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