Today, the BNB Coin price climbed to $716, surpassing its all-time high, which was not surprising. We have been discussing the struggle of BNB Coin bulls around $635 for months. Finally, BNB Coin, supported by the largest exchange in terms of volume, surpassed its mid-2021 record level.
Why is BNB Coin Rising?
The decline in US bond yields and the macroeconomic developments that triggered it allowed the BNB Coin price to set an all-time high. During the opening of the Asian markets, the BNB Coin price rose to $716. The US 10-year yield fell from 4.63% five days ago to 4.33% on June 4. This sharp decline reflects an inverse correlation with the BNB price, which increased by 20% during the same period. In other words, as one falls, the other rises more rapidly.
Signals that the Federal Reserve’s preferred inflation indicator remained steady. The JOLTS data and the employment and wage growth data coming on Friday created a motivating atmosphere for risk markets.
BNB Coin Price Prediction
The rising triangle formation that has been mentioned for a while broke upwards for BNB Coin. Bulls supported by the 20 and 50-day EMAs are attracting more liquidity for new peaks. The rising triangle formation occurs when the price fluctuates between the support of the rising trend line and the resistance of the horizontal trend line. This is prone to upward breaks.
On the other hand, after the price breaks above the resistance, it rises by the maximum height of the triangle. As of June 5, BNB’s price has broken above the triangle’s resistance. This indicates that bulls are moving towards the new target at $800. In other words, the next target for BNB Coin bulls is clear. At the same time, the $800 level, expected to be the new all-time high, is only $100 above the current $700 price.
The RSI is above 70, indicating that we might either see a new peak or a correction from the current level. If BTC remains strong, BNB could consolidate in this region or we could see an RSI targeting 90, thus continuing the journey to $800. The conversion of the $708 resistance into support is crucial for further increases.
