Binance Coin (BNB) is gaining fresh interest as investors closely watch a potential breakout

The token is facing resistance around $593, with daily trade volume at $1.24 billion. Its market cap is $83 billion.

Binance Coin (BNB) has been a subject of interest among investors, especially with a potential breakout in sight. The token is currently facing resistance around the $593 mark, with daily trade volume at $1.24 billion and a market cap of $83 billion.

While the sustained buying interest and continuous technical cues have contributed to the current trend, there are mixed predictions for the token in the near future.

Traders Identify Triangle Pattern On BNB Chart

Among the technical cues, traders are keenly watching a triangle price pattern forming on the chart of BNB against USDT’s 1-day chart.

This formation is recognized for contracting price action, becoming narrower as the highs get lower and the lows become higher. It usually indicates a significant move in the near future, either higher or lower.

The chart shows that BNB has been trending in a narrower range for the past few sessions. Such a setup usually indicates that there is a breakout on the horizon. Since BNB has been on an upward trend prior to this pattern forming, some assume it will keep going up—if the support zones hold. However, a breach below those support levels might reverse the trend and push the price down.

Price Targets Established At $599, $617, And $644

If BNB keeps surging, analysts have cited three possible targets. The first is $599, which is just below the psychological barrier of $600. The second is $617, a place where BNB fought to move above back in March.

The third is $644, which is the entire range of the triangle formation. These will likely be checkpoints if there is momentum.

Although short-term bullish indications are there, the token has not yet breached any of these levels. For now, BNB is probing a significant level of support and resistance. This type of price action is typical before bigger moves in either direction.

The 32% Prediction

In spite of all the short-term hype, a different forecast shows BNB plummeting in the next year. Based on a price forecast, the token might decline by 32% and hit $402 on June 4, 2025. That prediction doesn’t coincide with the existing chart strength, creating an extra layer of uncertainty for long-term investors.

Out of the past 30 days, BNB has experienced 15 green days and its price volatility has been only 2.5%. The sentiment of the market seems to be neutral for the time being, with the Fear & Greed Index standing at 52. Everyone is still focused on the triangle formation and if BNB will extricate itself from it.