The ongoing price boom in the Binance Money (BNB) market is painting a classic bullish chart design with an upside target of $560.

Dubbed as Cup and Handle, the blueprint appears when the price forms an advance that appears like a U-shaped trend (Cup). That follows up with a germination of a descending channel range (Handle). A breakout to a higher place the Handle range typically leads to an upside continuation, with a bullish target at a length equal to the Loving cup'southward size.

So information technology appears that BNB has undergone a price trajectory that looks similar the Cup and Handle pattern. Furthermore, the cryptocurrency's latest rally, accompanied by an increment in trading volumes, took its prices to a higher place the Handle range—a breakout—that raised the possibilities of bullish continuation ahead.

BNB/USD 4H price nautical chart featuring Cup and Handle setup. Source: TradingView.com

As a result, should the BNB price rally sustain, information technology will eye a run-up towards the Cup and Handle breakout target near $560. Conversely, if the cost falls beneath the Loving cup resistance (~$437), it would risk invalidating the entire bullish setup.

BNB toll fundamentals

The latest BNB price rally appeared later Binance, via its blockchain projection Binance Smart Concatenation (BSC), launched a $one billion fund to advance adoption across the entire crypto industry. This earmarks $300 million for projects edifice decentralized applications atop BSC.

Traders typically view incubation events backed past blockchain projects as bullish for their native assets. Such events prompt developers to build new projects on dedicated public/private ledgers, which boosts the demand for their in-business firm tokens.

For case, in early Oct, Solana, a public base of operations-layer blockchain protocol, announced over $v million worth of rewards and seed funding for developers participating in its global hackathon called Ignition. The news helped to push the cost of SOL, Solana'south native token, upwards by 35%, as Cointelegraph covered.

BNB appeared to take gone through a similar bout of speculation.

Santiment, a crypto information tracking service, also detected a ascent in BNB accumulation across wallets that already hold millions of dollars worth of tokens. And so-called Binance Coin whales bought about 412,000 BNB in the past two weeks, thus adding eight.7% more than tokens to their existing holdings.

Binance Coin whale holders data. Source: Santiment

The BNB accumulation among rich investors surged despite warning signs from regulators in some countries.

Related: Globe-trotting Binance looks to Republic of ireland for 'centralized' headquarters

Binance also remains under investigation by several agencies in the United States, which has prompted several hedge funds, including Tyr Capital and ARK36, to either terminate or scale down trading on their crypto exchanges.

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