A leading exchange token has surpassed $920 and is expected to reach $1,000 in December.

Source: DigitalToday Original Title: Binance Coin rebounds from decline and turns bullish…Possible recovery to $1,000 Original Link:

A leading exchange token, (BNB), recently rebounded near $800 and has surpassed the $920 mark.

According to blockchain media reports, the leading exchange token has formed a double bottom and descending wedge pattern, and it is expected to rise to $1,020~$1,115 in December. However, if the $900 support level fails to hold, further declines may occur.

On the 4-hour chart, the leading exchange token formed a double bottom in the $800~$820 demand zone, followed by a rapid rebound. This indicates reduced selling pressure and increased buying strength. If the pattern target of the $900~$920 resistance zone is breached, the short-term uptrend could extend to $1,020. Conversely, if the breakout fails, the price may fall back to the $860 support line.

According to on-chain analytics firm data, there is approximately $112.28 million in short position liquidation pressure near $1,020. Short covering would force BNB buying, contributing to upward price movement.

Additionally, the leading exchange token has broken out of a multi-week descending wedge pattern, signaling a strong reversal. On the 4-hour chart, the token broke above the wedge’s upper boundary at the end of November and then successfully retested the support line. As a result, some analysts believe it could rise to $1,100~$1,115 in December, with some traders even predicting a breakout above $1,300. However, if the support line fails, the uptrend may be delayed.

The market generally believes that as long as the leading exchange token holds its key support zone, the overall uptrend remains intact despite the possibility of short-term corrections. The combination of technical pattern breakouts and short covering demand may further strengthen bullish momentum. As long as the key resistance zone is breached, there is still ample room for upside before year-end.