- BNB has shown a rebound of over 13% from its local low near $800.
- A double-bottom pattern and a breakout from a falling wedge suggest a target range between $1,020 and $1,115 in December.
- Maintaining price above $900 is critical to sustain the bullish momentum.
- Short liquidation data indicates strong buying pressure near $1,020, potentially accelerating price gains.
The cryptocurrency BNB experienced a rebound exceeding 13% after touching a local bottom close to $800. On Wednesday, the token traded above $910 with expectations of potentially climbing toward $1,000.
A double-bottom chart pattern on the four-hour timeframe formed near the $800–$820 demand zone. This pattern, characterized by two similar lows followed by a sharp price recovery, indicates diminishing selling pressure and increased buying interest. The price needs to break above the neckline resistance located around $900–$920 to confirm a trend reversal. A successful breakout could push BNB to around $1,020 in December, aligning with the 0.382 Fibonacci retracement level. If the price fails to hold above this neckline, the bullish outlook would be invalidated, possibly causing a drop toward the 20- and 50-period exponential moving averages at approximately $860.
Short position data from CoinGlass shows about $112 million in potential short liquidation around the $1,020 level. Short liquidations occur when traders betting against the price are forced to close their positions, leading to increased buy orders that can further drive the price upward. This liquidation cluster suggests that BNB could gain additional momentum toward $1,020 through December.
Additionally, BNB broke out of a multi-week falling wedge pattern on the four-hour chart, which is typically a bullish signal following extended declines. The break above the wedge’s descending upper trendline occurred in late November, followed by a pullback that successfully tested this level as new support. This confirmation strengthens the possibility of a continued rally. The wedge’s upward target ranges between $1,100 and $1,115 if the breakout holds. Some traders have projected even higher prices, but dropping back below the support zone would weaken the bullish setup and delay recovery beyond $1,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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