Cryptocurrency analysis firm CryptoQuant announced that Binance Coin (BNB) entered a new bullish phase after surpassing its all-time high (ATH) of $793. According to the analysis, BNB's potential upper band target is set at $1,360.
CryptoQuant stated that it uses the Realized Price metric for its price prediction. This metric is calculated using a weighted average price method that takes into account daily transaction fees and BNB supply.
This calculation uses transaction fees on the BSC network as an indicator of daily activity and volume.
Past bull cycles have seen BNB reach twice its realized price. Currently, this value is around $680. Accordingly, the upper band price is calculated at $1,360.
CryptoQuant noted that BNB has a potential upside of approximately 70% during a potential altcoin season following its all-time high price breakout. The analysis noted that the $1,360 level has historically acted as a saturation point.
*This is not investment advice.
