BNB's surge paves the way for 773 target

NAIROBI (CoinChapter.com) - Binance Coin (BNB), the native cryptocurrency of the Binance exchange, broke through $700 to hit a new all-time high on June 5, 2024. The breakout came from a symmetrical triangle pattern, combined with strong momentum indicators, suggesting further upside potential. Technical analysis points to a possible target of $773, driven by increasing trading volumes and market sentiment.

Today, June 6,
The price of BNB
The uptrend continued, reaching $706.5, a gain of 8.41% in just one day. The breakout was further supported by the incredible increase in trading volume of 50.50% in the past 24 hours, reaching a staggering $4.05 billion.

BNB’s ascending triangle breakout targets $773

Since March, BNB has formed an ascending triangle with its upper trendline horizontally near the $650 resistance level. This pattern usually signals accumulation. On June 5, 2024, BNB broke out of this level, confirming the pattern and hinting at further gains.

The price of BNB has remained stable since March, forming a symmetrical triangle that usually signals strong price action. The breakout above $700 confirmed the bullish trend. The surge was further supported by increasing trading volumes and positive market sentiment.

Technical indicators further reinforce the bullish view on BNB. The relative strength index (RSI), a momentum oscillator, is currently in the overbought zone, indicating strong buying pressure. Moreover, moving averages, such as the 50-day and 200-day exponential moving averages (EMAs), are rising, supporting the bullish thesis.

The Moving Average Convergence Divergence indicator (MACD) also supports the bullish case for BNB. The MACD line has crossed the red signal line, accompanied by a high green histogram. This crossover is a classic buy signal, indicating that short-term momentum is outpacing the long-term trend. The height of the histogram reflects the strength of this bullish push.

Using the Fibonacci extension from the most recent swing low to high, the 1.618 extension target is $773.4. This coincides with the breakout target of the ascending triangle. Intermediate targets include $739.6 (1.236 Fib level) and $702 (1.0 Fib level). BNB’s ability to stay above $702 could help push to $773.4.

Powerful on-chain activity and market indicators

The latest data from BNB’s blockchain highlights significant activity supporting the price surge. On June 2, 2024, decentralized exchange trading volume reached $416.7 million, with 3.3 million daily transactions. The number of daily active addresses was 966.6K, indicating high user engagement. At the time, the price of BNB was $602.9.

These metrics reflect BNB's strong on-chain activity and growing user base. High transaction volume and active addresses indicate healthy network activity, often correlated with price increases. 24-hour real volume is $853 million, market cap is $90.96 billion, and fully diluted market cap is $94.82 billion.

Additionally, data from early June showed that daily transaction volume was 3.9 million and daily active addresses reached 1.2 million. This level of activity highlights the strong interest and participation within the BNB ecosystem.