It is no secret in the previous bull market Binance was the top exchange and Binance BNB had performed exceptionally well! But After the bull ended Binance among other exchanges became a prime target for investigations by SEC and other financial authorities. Binance had left numerous countries incl. the Netherlands and Belgium and Canada.
So can it dominate the next bull? I think it will not although anything is possible judging how Binance is creative with their offerings and marketing.
BNB is currently trading at around $212 and to be honest the chart does not look strong! During 1,5 year BNB has formed a large descending triangle! and it is a bearish pattern!
The price is currently at the support line the apex of that pattern comes in Jul 2024 So this pattern might break out to the upside because the timeframe is around upcoming bull market. The patterns usually break before the apex so it could be somewhere around Jan or February. Depending on the development in Binancesphere the price can also go to $260 area to touch the upper resistance line!
It is difficult to say if the pattern if fulfill its bearish scenario. I meant the price target of bearish breakout would basically mean Binance is going to $0 I doubt this would happen I think it can go to around $140 in the worst case scenario!
All The Best,
Aventurine!
