Binance Coin (BNB) has recently exhibited a period of price consolidation, displaying a lateral movement within the range of $245 to $234 over the past two weeks.
This intriguing price action has given rise to a bullish reversal pattern known as the inverted head and shoulders, hinting at potential future price movements.
The inverted head and shoulders pattern is a popular technical analysis formation, often indicating a potential trend reversal. It consists of three main components: a low, followed by a lower low forming the “head,” and then another low resembling a “shoulder.”
The crucial point of this pattern lies at the “neckline,” which is a horizontal resistance level connecting the highs of the head and the two shoulders. A breakout above this neckline is typically a bullish signal, indicating a potential price upswing.
BNB’s Potential For Recovery And Growth
The pattern signifies a shift from a downtrend to an uptrend, suggesting that selling pressure may be
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