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Binance Coin (BNB) Price Could Surge to $1,000 – Chart Pattern

The Binance Coin price is hovering near its all-time high as demand for the coin jumps. The BNB token is trading at $652, which is a few points below its all-time high of $692. It has risen by more than 1,600% this year, which has pushed its total market capitalization to more than $110 billion. This makes it bigger than companies like General Motors, IBM, and Ford.

Binance Smart Chain expansion

Binance Coin is the native token for the Binance Smart Chain (BSc) platform. This is an important platform that has been used to build some of the biggest blockchain platforms in the world. 

For example, the network has been used to build PancakeSwap, one of the most popular decentralized finance (DeFi) platforms in the world. According to DeFi Llama, there are about 157 DeFi apps built using the Binance Smart Chain network. These apps have a total value locked of more than $21 billion. In comparison, Ethereum has about 288 apps with a TVL of more than $182 billion.

At the same time, the number of transactions in the BSc ecosystem has been in a bullish trend in the past few months. The transactions rose to more than 11 million on Sunday, which was significantly higher than July’s low of about 3.6 million. It is slightly below its all-time high of more than 13.6 million. Therefore, there is a likelihood that this transaction growth will keep supporting the Binance Coin price.

Binance Coin price prediction

The daily chart shows that the BNB price has been in a strong bullish trend in the past few weeks. A closer look shows that the coin has formed what looks like a cup and handle pattern. Indeed, the price is just a few points below the upper side of the cup. In analysis, a cup and handle pattern is usually a bullish sign. 

The BNB price has moved above the 25-day and 50-day moving averages. Therefore, the coin will likely have a bullish breakout as bulls target the next key resistance at $700. In the coming months, a climb to $1,000 cannot be ruled out. 

Binance Coin Price