Binance Coin (BNB) Breaks Out of Bullish Pennant, Setting the Stage for an Upward Trend

Binance Coin (BNB) broke out of a bullish pennant on Sunday, April 29. The technical pattern’s breakout could spark a broader upward trend in the coming weeks.

Analyst Batman noted the development, stating that the coin is “breaking out of its bullish pennant- and it’s a beauty.”

The pennant formed as price movement slowed down and began to converge around April 24, forming a tighter range in the midst of a sharp upward trend. It was marked by converging trendlines and a horizontal resistance zone, which in this case also coincided with the middle Fibonacci retracement level.

Once the breakout occurred, the price closed above the upper resistance trendline and the horizontal zone, a level that had previously capped gains. Following this move, the same zone is now being retested as a support level.

“Testing the previous trendline and resistance like clockwork. What a clean setup!,” added Batman.

The setup is largely viewed as a classic continuation signal in trading, suggesting that the trend may continue and possibly strengthen. As shown on the chart, the analyst expects a zigzag upward move toward the $620–$625 range.

On the broader 2-day chart, analysts from World of Charts also spotted the bullish pennant. They noted that it emerged following BNB’s early 2024 rally and had been forming steadily since December 2024.

Their view aligns with Batman’s, suggesting that if the coin breaks through the $620 resistance line with conviction, a new leg up could be triggered. Based on this technical reading, the upside target could stretch to $930, representing a potential 47.85% increase from the breakout. A continued surge might even push the coin to touch the $1,000 mark in the coming weeks if current momentum persists.

Presently, BNB is hovering near $603 and sitting close to the 100-hourly simple moving average. Immediate resistance lies at $606, which also aligns with the 61.8% Fibonacci retracement of the pullback from the $611 high to the $598 low. Should BNB clear $610 cleanly, the doors may open for a push toward $620.

If bulls manage to close above $620, the coin might rally further to $635, with room to test $650 shortly after. That scenario depends on sustained buying and a supportive broader market. Any consistent gains above $620 will be watched closely by traders aiming for near-term profits.

But there’s still potential for a pullback. If the price fails to break above $610, it might retrace again. Initial support would be expected near $600, while a deeper drop could retest $598. Stronger support, however, is found at $592. Should this level give way, the price might fall further toward $585. Additional selling could push the BNB down to $580.

Technical signals are currently balanced but lean bullish. The MACD on the hourly chart for BNB/USD is picking up momentum in positive territory, while the RSI is sitting at 50—a neutral zone that can swing either way depending on market direction.