en.bitcoinsistemi.com
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.