In the recent market surge, Binance Coin (BNB) made a strong recovery from its support line within a symmetrical triangle pattern. This pattern forms when a cryptocurrency’s price swings between highs and lows, showing a balancing act between buyers and sellers.

The symmetrical triangle suggests that BNB’s price has been consolidating within a specific range, with buyers pushing for higher prices while sellers seek support. At the moment, BNB stands at $583.84, marking a 3% increase from its $566 support level. Evaluating market sentiment can help gauge if BNB will break above the upper trend line of the triangle.

Data from Santiment, a cryptocurrency analytics firm, indicates a positive sentiment trend for BNB, with a weighted sentiment of 0.607. This suggests that market participants are optimistic about BNB's prospects. Fundamental momentum indicators, like the money flow index (MFI) and Chaikin money flow, also support this bullish outlook.

The MFI, currently at 65.61 and rising, suggests that investors are accumulating BNB rather than selling it. Similarly, the Chaikin money flow, above the zero line at 0.07, indicates a steady influx of liquidity into the BNB market. If these trends continue, BNB’s price could surpass $596 and aim for $643.

However, if the bullish momentum falters and selling pressure increases, BNB’s price may dip below the triangle and settle around $520. The possibility of this scenario is heightened by the consistently negative funding rates for BNB since late April, reaching 0.106% as of May 15, the lowest in recent months.

In conclusion, Binance Coin’s recent recovery shows promise for further upside potential, but market sentiment and funding rates remain crucial factors to monitor for potential shifts in price direction.