This Binance Coin price pattern breakout forecasts $1,000 per BNB

Binance Coin (BNB) price has been in a tight rangebound movement for nearly 11 weeks.

Binance Coin price consolidates inside a Bullish Pennant pattern. This setup forecasts a nearly 63% rally to $1,005 for BNB. A daily candlestick close below $526 will invalidate the bullish thesis. Binance Coin price has been in a tight rangebound movement for nearly 11 weeks. With each passing daily candlestick close, BNB gets squeezed more, suggesting a steady decline in volatility.

Combining the Binance Coin price action from March 6 to June 1 shows the formation of a bullish continuation pattern known as a Bullish Pennant. The aforementioned 63% rally is the flag pole, and the sideways movement that produced lower highs and higher lows is the pennant. The forecast for this setup is determined by adding the flag pole's height to the breakout point.

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