⭐⭐⭐#BNB is consolidating in a bullish ascending triangle pattern as it seeks a new ATH over $692⭐⭐⭐
After recent increase, Binance coin price set to shatter all-time high
The climbing triangular trendlines pressure Binance coin pricing.
On-chain data shows BNB network and activity growth.
A daily candlestick closing below $500 would disprove bullishness.
On-chain statistics indicate BNB network activity is rising.
Binance pricing to break triangle
Since May 16, Binance coin price has seen four higher lows and four about equal highs. Connecting these swing points with a trend line shows an ascending triangle on the daily chart. Target is the distance between the initial swing high and swing low to the breakout point in this bullish technical pattern.
Adding 22% to the possible breakthrough level of $645.7 yields a new ATH of $775. At BNB's ATH of $692.7, this speculative move may stall. The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators are above their mean levels of 50 and 0, meaning a slowdown is unlikely.
BscScan BEP-20 Daily Token Transfer shows daily token transfers. A increase in this indicator shows network growth and traction.
BNB's Daily Token Transfer rose from 6.62 million to 10.29 million from May 19 to June 3. This 56% rise indicates rising BNB network demand, supporting the positive view.
The BscScan BNB Smart Chain Unique Addresses chart measure only counts every active address once, thus even if a wallet conducts numerous transactions in 24 hours, its contribution to the indicator will be one unit.
As for BNB, the statistic has climbed by 150,000 unique addresses everyday, suggesting increasing BNB Smart Chain use and fresh money.
Despite on-chain statistics and technical analysis indicating a bullish thesis, BNB might fall below $500 if it breaches the triangle's upward trendline. This may cause a 9% drop to $454, the 50% Fibonacci retracement support level.
