Binance Coin (BNB) Price Shows Signs of Renewed Strength as It Breaks Above Symmetrical Triangle Pattern

After weeks of sideways trading, BNB price is showing signs of renewed strength. A breakout above the symmetrical triangle pattern and a confirmed

After weeks of sideways trading, BNB price is showing signs of renewed strength. A breakout above the symmetrical triangle pattern and a confirmed double-bottom formation suggest that bullish momentum is building.

On-chain data, technical signals, and network activity point toward an upward price trend. Traders and analysts are closely watching the $644 to $650 range as BNB edges closer to a new potential all-time high.

BNB Price Symmetrical Triangle Breakout and Technical Confirmation

BNB recently broke above the upper trendline of a long-standing symmetrical triangle pattern on the daily chart. This breakout was followed by a successful retest, where the previous resistance turned into support. The move confirmed a bullish structure and pushed the price to test the $644 resistance area.

A double-bottom pattern has also emerged, further strengthening the bullish setup. The neckline of this pattern is located near $644. If BNB breaks above this level, technical projections suggest a price target of approximately $732. This move would mark a continuation of the current trend and open the door for a potential rally toward $1,000.

Several indicators support the positive outlook. The Awesome Oscillator (AO) has shifted to green bars, and the MACD is showing growing bullish divergence. These indicators suggest a rise in buying interest and a reduction in bearish control over the market.

Binance Chain Fee Drop Spurs Network Activity

A recent proposal by Binance founder Changpeng Zhao to reduce gas fees on the Binance Chain has led to major cost changes. Gas fees have dropped from 1 gwei to 0.1 gwei, resulting in a 90% reduction. This move was implemented just days after Zhao’s suggestion to cut fees by 3x or 10x.

Following the fee reduction, network usage on the Binance Chain has increased. Data from BSC Scan and DeFiLlama shows a rise in Total Value Locked (TVL) above $8 billion.

This is the highest level seen since early 2024. Lower fees have made it cheaper for users and developers to interact with decentralized applications, drawing more activity to the chain.

Total decentralized exchange (DEX) volumes on the network have also surged. The latest figures show a six-week high at $2.12 billion, indicating rising interest in trading on BNB-based platforms. These metrics reflect growing demand, which may continue to support the token’s upward price movement.

Short Liquidations Rise as Price Surges Past $600

Liquidation data from Coinglass shows an increase in short position liquidations on BNB in recent days. On May 8 and 9, over $3 billion in short positions saw liquidations. This follows a steady climb in BNB’s price past $600.

The liquidation activity shows that traders betting against BNB were caught off guard by the rally. The sudden squeeze pushed prices higher and added more buying pressure.

Since mid-April, the market structure has become more stable. Liquidation volumes have remained low, suggesting reduced volatility and more confident trading behavior.

The price has been steadily climbing, supported by declining short interest. The yellow trend line in Coinglass data shows upward momentum, and many short sellers have exited the market. This indicates buyers are gaining control.

BNB Price Resistance Levels and Path Toward New Highs

BNB is now closing in on a major resistance level at around $650. After breaching this level, the next target lies around $700. Analysts have determined this range to be extremely crucial, potential breakout here could push towards the previous all-time high or even beyond.

The double-bottom pattern predicts a price target close to $732. This is consistent with the momentum observed in the last few sessions. If support holds above $644 and a breakout above $650 occurs, then the bullish structure can be interesting to more buyers.

If trading volumes and network adoption keep increasing then BNB price will aim for further gains. At press time, BNB price is trading around $650.91 and has bounced back strongly from previous dips witnessed in early April.