NOIDA (CoinChapter.com) — Binance Coin (BNB) price broke out of the wider crypto market trend to start a rally on April 3. Despite Binance’s regulatory and legal troubles, BNB coin continued to rally, and it seems like the exchange’s token has broken out of April’s bearishness, with BNB price up on April 4.
BNB price fell along with the wider crypto market as it entered April, but the token started rallying on April 3, going up by over 9% to reach a daily high near $588 on April 4.
Binance Releases BNB Chain Q1 2024 Report
Binance released BNB Chain’s Q1 2024 report, which revealed a substantial uptick in BNB Chain’s earnings, with a reported 77.9% increase year over year. The positive financial report likely helped BNB price go up on April 4.
Simultaneously, the number of BNB token holders also increased, showing a 14.4% growth year-over-year. This uptick in holders signifies a growing trust in the BNB Chain. Moreover, the BNB Chain recorded an uptick in active users, with over 1.3 million daily addresses.
The market capitalization, both fully diluted and circulating, has grown. Specifically, the circulating market cap noted a 30.10% year-over-year rise. BNB Chain has recently announced several technological advancements.
Among these, the transformation of the opBNB scaling solution aims at bolstering the chain’s performance and scalability.
The plan to increase the number of active validators, along with strategies aimed at improving the BNB Chain’s interconnectivity, may have also played a critical role in elevating investor interest and, consequently, BNB’s price.
BNB’s positive Q1 performance amidst Binance’s legal troubles likely helped infuse confidence in the token’s price action and helped the token go up.
BNB Price Moving Inside Bullish Pattern
Another bullish cue for the token comes from the Binance coin price forming a bullish pattern called the ‘Bull Flag.‘
Bull flags consist of a flag pole, resulting from a near-vertical rise in the crypto token’s prices. Assets in a strong uptrend often form the pattern.
A period of consolidation succeeding the steep uptrend forms the flag of the pattern. Despite the strong vertical rally, the asset price does not drop as bulls maintain the buying pressure. As a result, the breakout from the flag pattern often results in a powerful uptrend.
The pattern is completed when the price breaks out of the flag area, continuing the previous upward trend. Traders calculate the price target of the breakout by adding the length of the flag pole to the breakout price level.
Per the rules of technical analysis, BNB price might rally over 114% to reach the theoretical price target near $1,260 if it confirms the pattern.
