BNB price was hovering around $727 on Thursday after hitting an all-time high of $793 the previous day. PancakeSwap on Wednesday launched SpringBoard, a no-code platform for creating and launching tokens on the BNB Chain. Technical analysis predicts a breakout of the bullish pattern targeting the $832 level. On-chain data supports the bullish theory, as BNB’s daily trading volume exceeds $4.5 billion and the number of active addresses is increasing.
BNB (BNB) price faced a slight pullback on Thursday, trading around $727 after hitting an all-time high of $793 the previous day. On Wednesday, the launch of PancakeSwap’s SpringBoard, a no-code platform for creating and launching tokens on the BNB chain, added fuel to the ongoing bull market. Despite the recent correction, on-chain data supports further price appreciation as both BNB’s daily trading volume and active addresses are increasing.
Technically, BNB’s price action has broken out of a bullish pattern that sets the target at an all-time high of $832.
BNB temporarily soars as ecosystem continues to expand
PancakeSwap (CAKE), a decentralized exchange (DEX) built on Binance Smart Chain (BSC), on Wednesday announced the launch of SpringBoard, a no-code platform for creating and launching tokens on BNB . The announcement pushed BNB prices higher on Wednesday, breaking the June 6th all-time high (ATH) of $721.95 and reaching a new ATH of $793.86. This release increases BNB's usefulness and attracts more projects to the platform.
Binance Coin Price Prediction: Technical Outlook Targets $832
Binance Coin price ended on the upswing, finding support near the $612.50 breakout level of the ascending triangle formation on November 26, and rose 21% in the following seven days. This pattern was created by drawing two trendlines from mid-July to connect the swing points between two higher lows and multiple identical highs on the daily chart. A breakout of this technical pattern favors the bulls, and the target is typically obtained by measuring the distance to the breakout point between the first day's high and the first day's low.
If BNB continues its upward momentum, it could extend the rally to form a new ATH at $823.49, which is the technical target of the pattern.
BNB/USDT daily chart
However, the Relative Strength Index (RSI) is at 69, down from the overbought level of 70. Traders should be careful when increasing their long positions, as the likelihood of a decline in prices has increased. If the RSI continues to decline, BNB price could fall sharply.
BNB’s on-chain shows strength
On-chain metrics support BNB’s bullish outlook. Token Terminal data shows that trader interest and liquidity on the BNB chain has surged recently. On Tuesday, BNB's daily trading volume reached $4.56 billion, the highest level in six months.
BNB daily trading volume for the past 180 days. Source: Token Terminal
Another aspect that supports the platform's bullish outlook is the increase in daily active addresses. Active BNB Smart Chain address data, which tracks network activity over time, rose from 1.02 million on Sunday to 1.26 million on Wednesday, the highest level since August 14, according to BscScan. This is a sign that there is a growing demand for BNB's use of blockchain. That's good for BNB's price outlook.
BNB active address chart. Source: BscScan
