In the wake of FTX’s collapse, many eyes focused on the now undisputed largest cryptocurrency exchange in the world, Binance. Due to an opaque proof of reserves, the withdrawal of accounting firm Mazars, and a bank run on the exchange, the Binance Coin (BNB) suffered a temporary loss of trust and excessive price losses.
Slowly and gradually, however, investors seem to be regaining confidence in Binance. The BNB price has risen 9.3% over the last seven days, reaching $301 at press time.
Although there was some positive news from Binance yesterday and today, the BNB price is facing a bearish pattern on the weekly chart. The pattern usually predicts a trend reversal and shows three peaks, with the two outer ones close to each other and the middle peak being the highest.
The left shoulder forms when investors drive the price up, and then temporarily lose their enthusiasm. The head builds up when enthusiasm reaches its peak. The right shoulder forms when the price rises again, but does no
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