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Binance Coin price consolidation above the crucial support at $240 could be a prelude to a massive 45% move to highs past $350. The native exchange token has formed a key bullish pattern – waiting for confirmation. Selected technical indicators reveal that the trend is about to change course, possibly before 2022 fades into the sunset.

Binance Coin Price On The Cusp Of A Falling Wedge Pattern Breakout

Over the last week, BNB tried to repair its long, dismal performance streak in 2022 but ended up with 3% cumulative losses. BNB is the fifth-largest cryptocurrency, boasting $17 billion in market capitalization. More than $5.5 billion in trading volume has been recorded in 24 hours across exchanges.

Binance Coin price plunged in early December, retesting support at $220 for the first time since July, followed by a reflex recovery to $254. Now, BNB is consolidating above critical support at $240 while bulls and bears engage in a fierce tug of war.

A bullish outcome is likely to come to fruition, especially with the formation of a falling wedge pattern, as illustrated on the daily timeframe chart. Wedges appearing on a price chart signify a potential pause in the current trend.

A falling wedge is a bullish chart pattern created by connecting two slopping trend lines – one linking BNB’s lower troughs and peaks. As a reversal pattern, the falling wedge forms at the bottom of a downtrend, like in Binance Coin price’s case.

Traders generally look for a break above the upper trend line to validate a falling wedge. Following such as break, Binance Coin would be expected to explode by 45% to $353 – a target equal to the distance between the widest points extrapolated above the breakout point – roughly at $245.

The Moving Average Convergence Divergence (MACD) might add credence to the bullish outlook if it presents a buy signal in the same daily timeframe. Investors looking forward to buying BNB may do so after the MACD (blue line) crosses above the signal line (in red).

If BNB holds support at $240 and $220 on the lower side, bulls will have ample time to push for the uptrend’s resumption. Moreover, according to the latest data, BNB Chain now has more unique addresses compared to Ethereum.

Ethereum has 217 million unique addresses on Etherscan, while BNB Chain boasts 233 million, as seen on BscScan. The BNB Chain continues to gain traction as a worthy competitor to Ethereum.

Demand for BNB increased significantly in December, according to insights from blockchain data shared by Santiment. Whale and shark addresses with between 1,000,000 and 10,000,000 coins now hold 23.81% of BNB’s total supply, up from 22.34% – recorded on November 28.

A similar growth pattern was reflected among addresses, with 10,000 and 100,000 tokens holding 3.32% of the entire supply from 3.18% as posted on December 13. The uptick in BNB’s uptake shows investors see a long-term bullish outlook in the native exchange token, turning into the New Year.

? #Litecoin whale transactions have been much higher than normal in the second half of December. Additionally, #Binance's native tokens $BNB and $BUSD are both seeing high spikes in $1M+ valued transactions of their own. Keep these assets on your radar. https://t.co/t3WQicXfM9 pic.twitter.com/L9RBhgrKdz
— Santiment (@santimentfeed) December 28, 2022

Binance Coin Alternatives Offering Quicker Returns In 2023

Binance Coin price must shake off the bearish chains preventing a rebound to highs beyond $350. Such a move could call on more sidelined buyers, marking the end of the lengthy downtrend.

However, investors may be interested in projects offering quicker gains, like the soon-to-be-listed Dash 2 Trade. The tokens listed here are performing well in their presales and could spike significantly after debuting on exchanges.

FightOut (FGHT)

FightOut is a cryptocurrency platform incentivizing the fitness lifestyle with a fitness app and a chain of gyms. Besides earning rewards for completing workout tasks and challenges, users have the opportunity to grow within a vibrant community.

A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks. FightOut hopes to revolutionize the fitness economy with Web3 solutions, where users can create accounts and mint their own digital NFT avatars to use in the metaverse.

FightOut presale is currently underway and has raised slightly over $2.3 million in the first stage. The price will likely increase in later stages, which calls for a quick response.

Visit FightOut Now

Dash 2 Trade (D2T)

Dash 2 Trade is a cryptocurrency platform changing how people view and manage their crypto portfolios. This platform gives users access to world-class crypto analytics and social trading tools.

Dash 2 Trade has many features and services that traders can explore as they navigate the dynamic cryptocurrency market. In addition to timely trading signals, Dash 2 Trade offers social sentiment and on-chain analysis to spot trending coins easily.

A trading strategy builder is also in place to help investors improve their skills and share ideas with others. Still, on Dash 2 Trade, users can access a presale dashboard to explore new projects coming into the market.

Dash 2 Trade presale has raised $10.36 million and is in its final stage. D2T is selling for $0.0533 ahead of its first exchange listing on January 11.

Visit Dash 2 Trade Now.

C+Charge (CCHG)

This is a strong Peer-to-Peer (P2P) payment system for EV charging stations developed by C+Charge using blockchain technology. Individual electronic wallets will be given to users, who can use the wallets to pay for EV charging with the C+Charge utility token.

It is widely known that there need to be more electric power stations to charge the increasing number of EVs on global roads. The EV arena is further complicated by the need for industry standards for charging.

In addition to providing access to carbon credits, CCHG tokens will be used by drivers to pay for EV charging services. Operators of the charging stations will also receive payment via the same token.

C+Charge presale launched recently with $32k raised in the first stage. Investors can buy 1 CCHG for 0.013 USDT, but the price will shoot to $0.0165 USDT in the next round.

Visit C+Charge Now.