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Following Powell’s hawkish speech on Wednesday, the cryptocurrency market witnessed a surge in selling pressure. Bitcoin, the pioneer digital asset, dropped to the $100k level while most major altcoins, including Binance coin, experienced a renewed correction trend. However, the recent BNB price shows potential for a quick rebound amid the bullish reversal pattern and the recently announced Osprey BNB Chain Trust.
According to CoinGecko data, the Binance coin price trades at $668, with a 24-hour loss of 3.7%. Consecutively, the asset’s market cap stands at $100.12 Billion, with trading volume wavering at $2.5 Billion.
Key Highlights:
- The recently launched Osprey BNB Chain Trust should bolster institutional and retail interest in Binance coins.
- In the weekly chart, the BNB price shows the completion of a classic reversal pattern called inverted head and shoulder.
- The $690 level, as the neckline of the InH&S pattern, stands as key support for buyers to retain the prevailing uptrend.
Osprey Funds Launches First US-Listed BNB Trust
Osprey Funds, LLC has announced the launch of the Osprey BNB Chain Trust, which is now publicly quoted on the OTCQX Best Market. This marks a significant milestone as it becomes the first publicly quoted fund in the United States to be based on BNB, the native cryptocurrency of the BNB Chain ecosystem.
The development underscores a growing institutional interest in blockchain-based assets and highlights BNB’s expanding role in the financial markets. The trust offers a structured investment vehicle for those looking to gain exposure to BNB without direct ownership of the token.
The trust attracting a wider audience and increased confidence among investors would drive demand pressure on BNB price.
BNB Price Post-Retest Rally Eyes $1200 Amid Reversal Pattern
Over the past two weeks, the Binance coin has struggled to sustain above the $760 level, driving a sideways action in the daily chart. As Bitcoin teases a breakdown below the $100,000 mark, BNB has slipped to $687, testing support at the neckline of an inverted head and shoulders (InH&S) pattern.
Since May 2021, the InH&S pattern drove a long-accumulation trend for the BNB price before the November price offered a decisive breakout.
If the pattern holds, the current correction is retesting the breached trendline as support to revive the bullish momentum. According to the pattern’s technical projections, the distance between the neckline and the bottom support suggests a potential rally target of $1,200, marking a 72% upside from current levels.
On the contrary, a breakdown and weekly candle closing below $690 could invalidate the bullish thesis and drive a major correction.
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