• Binance Coin price testing symmetrical triangle breakout during weak day.
  • Daily Relative Strength Index (RSI) now displays a bearish momentum divergence.
  • BNB market capitalization briefly crosses $100 billion milestone, joining Bitcoin and Ethereum.

Binance Coin price trend remains higher, despite today’s setback. On-chain data reflects a mixed opportunity in the digital token, suggesting marginal weakness in the coming days. 

On-chain metrics support a brief consolidation or pullback

Yesterday, the Santiment MVRV ratio (30-day) peaked at 21.91%, reaching the lower level of the overbought band between 20% and 30%, extending back to April 2019. The reading is far from the extreme numbers recorded in February and April this year. Still, it alerted the possibility of some selling by long-term holders while Binance Coin price tagged an all-time high.

With the reading currently at 13.23%, there remains the potentiality for BNB price to consolidate further along the triangle’s upper trend line

BNB MVRV (30-day) metric

BNB MVRV (30-day) metric

The number of daily active addresses has fallen from a high of 313.4k on April 20 to 85.2k today, representing a 70% decline over the last two weeks. It is signifying a general exodus of speculators driven by profit-taking or simple reallocation of funds.

To be sure, the metric highlights a lack of addresses connecting to the BNB network, despite the fresh new highs, thereby dampening the price thrust at this point. However, the lack of speculator attention at this moment presents an untapped source for a surge in buying once they are compelled to chase the rally. 

Overall, the daily active addresses may need some time to complete their bottom, putting weight on Binance Coin price in the near term.


BNB daily active addresses

BNB daily active addresses

Binance Coin price missing the FOMO effect following breakout

Binance Coin price closed April with a 106% gain, making it the fourth-best monthly return since July 17 and the sixth consecutive positive month, while also printing an all-time high. It cannot be disputed, BNB is a leader in the cryptocurrency complex.

During the gyrations of the broad cryptocurrency complex, Binance Coin price outlined a symmetrical triangle pattern with a measured move target of just over 35%, targeting a price of $822.90 from the triangle’s upper trend line position on the April 29 breakout.

The target precedes the 161.8% Fibonacci extension of the April decline at $847.34. Big game hunters need to consider the 261.8% extension of the 2019-2020 bear market at $932.62 and the 261.8% extension of the February crash at $1,124.11 as potential targets for Binance Coin price.

BNB/USD daily chart

BNB/USD daily chart

A failure of the triangle breakout would flip attention around Binance Coin price to support, beginning with the triangle’s lower trend line at $487.00 and then the 50-day simple moving average (SMA) at $429.47.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Solana wallet fires up the grill to burn spam NFTs out of existence

Solana wallet fires up the grill to burn spam NFTs out of existence

The Phantom wallet app has launched a new Burn Token feature, allowing users to remove spam NFTs sent by scammers. Solana-based wallet provider Phantom has launched a new burn feature allowing users to remove spam NFTs sent by scammers.

More Solana news

Shiba Inu price to provide another opportunity before a 50% upswing

Shiba Inu price to provide another opportunity before a 50% upswing

Shiba Inu price is on the verge of triggering another run-up, but it needs to allow investors who partook in the previous rally to book profits. As a result, more market participants are likely to flock around the next support level, triggering another leg-up.

More Shiba Inu news

Binance Coin Price Prediction: CZ's Crypto Takeover

Binance Coin Price Prediction: CZ's Crypto Takeover

Binance CEO Changpeng Zhao (CZ) plans to hire 2,000 more Binance employees. 14 million tokens have been locked away and burned this summer. A break above $336 could be the catalyst to induce an additional 40-50% rally.

More Binance Coin news

Dogecoin Price Prediction: A $0.02 DOGE by 2023

Dogecoin Price Prediction: A $0.02 DOGE by 2023

Dogecoin price prediction shows reasons to be concerned. Analysts have been eyeing the notorious dog coin throughout the summer as the DOGE price fell into considerably discounted price territory at $0.050. 

More Dogecoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP