Binance Coin Price Forecast: BNB on the verge of new all-time highs above $700
- Binance Coin price is contained inside an ascending triangle pattern on the 4-hour chart.
- The digital asset only needs to crack one key resistance level before a massive 30% upswing.
- The number of large BNB holders continues to greatly increase.
Binance Coin price is on the verge of a new all-time high again, rallying alongside CAKE. The Ethereum rival only faces one critical resistance level and the number of large holders continues to rise.
Binance Coin price must crack this key barrier
On the 4-hour chart, Binance Coin has formed an ascending triangle pattern which can be drawn using a horizontal trend line and an ascending trend line connecting the higher lows where both lines converge.
BNB/USD 4-hour chart
The upper boundary is located at the $600 psychological level. A breakout above this point has a long-term price target of $770. The only resistance in-between is the previous all-time high of $638.5 and $700.
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BNB Supply Distribution
Additionally, the number of whales holding between 10,000 and 100,000 BNB has significantly risen in the last two months from a low of 112 to a current high of 149. Similarly, the number of large holders with 1,000 and 10,000 also a significant spike from 700 to 819.
This indicates that holders remain extremely interesting in Binance Coin despite rising prices.
BNB/USD 4-hour chart
However, a rejection from the upper barrier at $600 will quickly drive BNB down to the lower trend line of the pattern at $540.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
