BNB’s Price Skyrockets, Aims for $773 Target
In a remarkable turn of events, Binance Coin (BNB), the primary cryptocurrency of the Binance exchange, surged past the $700 mark on June 5th, 2024, hitting an unprecedented all-time high. This breakout from a symmetrical triangle pattern, combined with robust momentum indicators, indicates the potential for further growth. Technical analysis suggests a potential target of $773, driven by escalating trading volume and positive market sentiment.
As of June 6th, BNB’s price continues to climb, reaching $706.5, reflecting an impressive 8.41% surge in just one day. This uptrend is further fueled by a remarkable 50.50% spike in trading volume over the past 24 hours, totaling a staggering $4.05 billion.
BNB’s Ascending Triangle Breakout Sets Sights on $773
Since March, BNB has been forming an ascending triangle with a flat upper trendline near the $650 resistance level, typically indicating accumulation. On June 5th, 2024, BNB surpassed this level, confirming the pattern and hinting at further gains.
The technical indicators reinforce the optimistic outlook for BNB. The Relative Strength Index (RSI) currently sits in overbought territory, indicating strong buying pressure. Additionally, moving averages like the 50-day and 200-day exponential moving averages (EMAs) are on an upward trend, supporting the bullish narrative.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator aligns with BNB’s optimistic scenario. The MACD line crossing above the red signal line, accompanied by tall green histograms, signals a classic buy opportunity, indicating that short-term momentum is outpacing longer-term trends. The height of the histograms underlines the strength of this bullish momentum.
BNB’s ability to maintain levels above $702 strengthens the case for a potential push towards $773.4, as indicated by Fibonacci extensions. Intermediate targets include $739.6 and $702, with the breakout target aligning at $773.4.
Robust On-Chain Activity and Market Insights
Recent data from BNB’s blockchain reveals significant activity backing the price surge. On June 2, 2024, DEX trading volumes reached $416.7 million, with 3.3 million daily transactions and 966.6K daily active addresses, indicating robust user engagement.
These metrics showcase BNB’s thriving on-chain activity and expanding user base. High trading volumes and active addresses often correlate with positive price movements. The 24-hour real volume stood at $853 million, with a market cap of $90.96 billion and a fully diluted market cap of $94.82 billion.
Furthermore, early June data indicates a daily transaction volume of 3.9 million, with daily active addresses reaching 1.2 million, underscoring the high interest and engagement within the BNB ecosystem.