Following a three-day rebound rise, Tuesday's BNB price settles at around $680.

WithBNB's DEX volume and steadycoin activity substantially growing, on-chain evidence supports the optimistic view.

Aiming for a higher leg, the technical view suggests a hopeful breakthrough.
Following a three-day comeback surge, Tuesday's BNB (BNB) settles at around $680. With DEX (Decentralized Exchange) volume and stablecoin activity exploding as BNB breaks above the symmetric triangle formation, on-chain statistics and technical view point to a rally ahead.



On-chain BNB statistics reveal positive leaning.

Based on Atermis terminal statistics, BNB's stablecoin value has been actively climbing and on May 21 it stands at $24.2 billion, the highest year-to- date (YTD) level. Although the volume has slightly dropped recently, the present level of stablecoin activity and value rise on BNB is favorable as they enhance network utilization and may draw more people to the ecosystem.


The recent increase in traders' interest and liquidity in the BNB chain adds even another element supporting the platform's optimistic view. On May 21, the highest YTD and continuously increasing since mid-May, BNB's DEX daily trading volume jumped to $11.8 billion on the chart below.

BNB Price Forecast: Bullish symmetric triangle breakout results


On May 8, BNB's price broke above a symmetrical triangle. This technical pattern—from January to early May—formed by linking many highs and lows with two converging trendlines surged more than 10%. BNB corrected 4.31% last Friday, however, and recovered only little over the next three days. When I wrote on Tuesday, it floats around $673.50.

Measuring the distance between the first daily high and the first daily low and adding it to the breakout point helps one to prolong the rally to achieve the technical objective of the symmetric triangle at $839.14. This is a potential objective; traders may make some gains at the weekly level of $709.29 and at the Feburary 13 high of $732.

On the daily chart, the Relative Strength Index (RSI) shows 61 points higher, suggesting strong bullish momentum even if it is still below overbought levels. On the daily chart, the Moving Average Convergence Divergence (MACD) indicator converges, nevertheless, suggesting traders' indecision.

Should BNB have a drop, the downturn may be extended to retest near $638.68. With next support at the May 5 low of $583.55, a closure above this level would discredit the optimistic argument.

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