BNB’s Surge Sets Stage for 773 Target
NAIROBI (CoinChapter.com) – Binance Coin (BNB), the native cryptocurrency of the Binance exchange, surged past $700 on June 5th, 2024, marking a new all-time high. This breakout from a symmetrical triangle pattern, coupled with strong momentum indicators, suggests further upside potential. Technical analysis points to a possible target of $773, driven by increased trading volume and market sentiment.
BNB/USD 1-day price analysis. Source: CoinGecko
Today, June 6th, BNB’s price has continued its upward trajectory, reaching $706.5, marking an 8.41% increase in just a single day. This surge is further supported by a remarkable 50.50% increase in trading volume over 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 a flat upper trendline around the $650 resistance level. This pattern typically signals accumulation. On June 5th, 2024, BNB broke above this level, confirming the pattern and suggesting further gains.
BNB’s price consolidation began in March, forming a symmetrical triangle, which often predicts a strong price move. The breakout above $700 confirmed the bullish trend. Increased trading volumes and positive market sentiment further supported this surge.
BNB/USD 1-day pric e chart. Source: TradingView
The technical indicators further reinforce the bullish outlook for BNB. The Relative Strength Index (RSI), a momentum oscillator, currently sits in overbought territory, indicating strong buying pressure. Additionally, the moving averages, such as the 50-day and 200-day exponential moving averages (EMAs), are trending upwards, supporting the bullish narrative.
The Moving Average Convergence Divergence (MACD) indicator also supports BNB’s bullish case. The MACD line has crossed above the red signal line, accompanied by tall green histograms. This crossover is a classic buy signal, indicating that short-term momentum is outpacing longer-term trends. The histogram’s height reflects the strength of this bullish push.
Using Fibonacci extensions from BNB’s recent swing low to high, the 1.618 extension targets $773.4. This aligns with the ascending triangle’s breakout target. Interim targets include $739.6 (1.236 Fib level) and $702 (1.0 Fib level). BNB’s ability to hold above $702 strengthens the case for a push toward $773.4.
Strong On-Chain Activity and Market Metrics
Recent data from BNB’s blockchain highlights significant activity supporting the price surge. On June 2, 2024, DEX trading volumes reached $416.7 million, with 3.3 million daily transactions. The number of daily active addresses stood at 966.6K, indicating strong user engagement. At that time, BNB’s price was $602.9.
BNB On-Chain Activity surge. Source: Messari
These metrics reflect BNB’s robust on-chain activity and growing user base. High trading volumes and active addresses indicate healthy network activity, often correlating with positive price movements. The 24-hour real volume was $853 million, and the market cap stood at $90.96 billion, with a fully diluted market cap of $94.82 billion.
Moreover, data from early June shows a daily transaction volume of 3.9 million, with daily active addresses reaching 1.2 million. This level of activity highlights the strong interest and engagement within the BNB ecosystem.
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