Following Powell’s hawkish speech on Wednesday, the cryptocurrency market witnessed an increase in selling pressure. Bitcoin, the pioneering digital asset, fell to the $100 thousand level, while most major altcoins, including Binance coin, experienced a renewed correction trend. However, the recent BNB price shows potential for a quick rally amid the bullish reversal pattern and the recently announced Osprey BNB Chain Trust.
According to data from CoinGecko, the price of Binance coin is trading at $668, with a loss of 3.7% in 24 hours. Consecutively, the market capitalization of the asset stands at $100.12 billion, with trading volume ranging at $2.5 billion.
Key Highlights:
- The recently launched Osprey BNB Chain Trust should bolster institutional and retail interest in Binance coins.
- On the weekly chart, BNB price shows the completion of a classic reversal pattern called the inverted head and shoulder.
- The $690 level, as the neckline of the InH&S pattern, represents key support for buyers to maintain the prevailing uptrend.
Osprey Funds launches first US-listed BNB Trust
Osprey Funds, LLC has announced the launch of the Osprey BNB Chain Trust, now publicly traded on the OTCQX Best Market. This marks a major milestone as it becomes the first publicly traded fund in the United States based on BNB, the native cryptocurrency of the BNB Chain ecosystem.
The development underlines a growing institutional interest in blockchain-based assets and highlights BNB’s growing role in financial markets. The trust offers a structured investment vehicle for those seeking exposure to BNB without direct ownership of the token.
Trust attracting a wider audience and greater confidence among investors would drive demand pressure on the BNB price.
BNB Price Post-Retest Rally Targets $1200 Amid Reversal Pattern
Over the past two weeks, Binance coin has struggled to stay above the $760 level, driving sideways action on the daily chart. As Bitcoin triggers a break below the $100,000 mark, BNB has fallen to $687, testing support at the neckline of an inverted head and shoulders (InH&S) pattern.
Since May 2021, the InH&S pattern fueled a long BNB price accumulation trend before the November price offered a decisive breakout.
If the pattern holds, the current correction is retesting the broken trend line as support to revive the bullish momentum. Based on the pattern’s technical projections, the distance between the neckline and lower support suggests a possible recovery target of $1,200, which is a 72% upside from current levels.
Conversely, a breakout and weekly candle close below $690 could invalidate the bullish thesis and prompt a major correction.
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