Binance Coin’s price staged a strong comeback, moving to a record high of $826 on Monday, continuing a trend that began in April when it bottomed at $504. BNB price has surged by 65%, giving it a market capitalization of over $115 billion.
Binance Coin Price Pattern Points to More Gains
The daily timeframe chart shows that the Binance Coin price bottomed at $504 earlier this year and has now reached a record high of $825.
A closer look shows that it has formed a cup-and-handle pattern, a common continuation sign. The lower side of this pattern was at $504, while the upper side was at $793.
This pattern gives it a depth of about 37%. Measuring the same distance from the cup’s upper brings its target to $1,090, which is about 32% above the current level.
The bullish forecast is supported by the 50-day and 200-day Exponential Moving Averages (EMA). It is also supported by the Average Directional Index (ADX), which has risen to 47, and the Relative Strength Index (RSI), which has reached the overbought level at 84.
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Weekly Chart Signals More BNB Price Surge
The weekly chart shows that the BNB price has jumped in the last five consecutive weeks. Similar to the daily chart, it has also formed a cup-and-handle pattern, with its lower side at $190 and its upper side at $692, resulting in a depth of 73%.
The coin has been forming the handle section since March this year. Measuring the price target from the cup’s upper side gives it a target of $1,195.
BSC Network is Thriving
The BNB price bullish outlook is also supported by its strong fundamentals. Data shows that it is the second-biggest chain in the crypto industry with over 387 million transactions in the last seven days. This makes it second only to Solana, which handled 2.4 billion in the same period.
The BSC ecosystem also had the second-highest number of users in the crypto industry, handling over 33.7 million transactions, a 40% increase from the same period.
More data shows that the total value locked (TVL) in its decentralized finance ecosystem has jumped by 22% in the last 30 days to $10.2 billion. Its bridged TVL has jumped to over $19.2 billion, a sign that the network growth is accelerating.
BSC’s stablecoin volume has jumped to $11.17 billion, while its decentralized exchange volume soared to $3.4 billion. These numbers mean that it is gaining momentum, especially after the recent three upgrades: Pascal, Lorentz, and Maxwell.
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