BNB on the Brink of Major Bullish Move: Falling Wedge Pattern Suggests 45% Surge

• Binance Coin (BNB) price is consolidating above crucial support at $240.
• The native exchange token has formed a key bullish pattern, a Falling Wedge Pattern.
• Selected technical indicators suggest that the trend is about to change course, possibly before 2022 fades into the sunset.

Binance Coin (BNB), the fifth-largest cryptocurrency by market capitalization, is on the cusp of a major bullish move. Over the last week, BNB has been consolidating above a crucial support level at $240, forming a key bullish pattern – a Falling Wedge Pattern. Selected technical indicators also suggest that the trend is about to change course, possibly before 2022 fades into the sunset.

The native exchange token has had a dismal performance streak in 2022, losing 3% cumulative. BNB plunged in early December, retesting support at $220 – a level it has not seen 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 suggests that the price is likely to move in the opposite direction of the current trend.

More than $5.5 billion in trading volume has been recorded in 24 hours across exchanges, indicating that there is a large amount of capital waiting to move into BNB. If the pattern breaks out, it could lead to a massive 45% move to highs past $350.

For now, BNB is preparing for its next big move. Technical indicators suggest that the trend could change direction soon. The Stochastic RSI is heading into the overbought area, while the Moving Average Convergence Divergence (MACD) is looking more bullish. With the right trigger, BNB could make a big move in the coming days.

It remains to be seen if BNB will be able to break out of the falling wedge pattern. For now, investors should keep an eye on the key support and resistance levels to spot any signs of a breakout. With the right conditions, BNB could be in for a massive surge in the coming weeks.