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**BNB (BNB) Price: Bulls Target $719 After Maxwell Upgrade Success**
The recent success of the Maxwell upgrade for BNB Smart Chain has sparked a flurry of bullish activity, with analysts now targeting a price of $719. According to Trader Edge X, the sudden surge in trading volume and technical strength patterns suggest that this upward momentum is unlikely to subside anytime soon.
Following the upgrade’s implementation on Monday, the cryptocurrency broke above a descending channel pattern, with bulls successfully defending the breakout level. This significant development has seen multiple analysts jump into action, providing their own price targets based on various chart formations.
Marcus Corvinus, in particular, highlighted the formation of a Volatility Contraction Pattern (VCP) on the weekly chart, which indicates reduced selling pressure and increased demand for BNB. Based on this, he recommended a stop-loss near $648 and potential breakout triggers at $677 and $859.
Meanwhile, analyst Rose at Premium Signals confirmed that the bullish pattern remains valid as long as the price maintains support above $600. They also identified targets of $775 and $879 if the bearish sentiment continues to wane.
The data suggests that BNB currently trades around $658, reflecting a 1% gain in the past 24 hours. This upward trajectory has been accompanied by an increase in trading volume, reaching approximately $1.44 billion.
In conclusion, it is clear that the Maxwell upgrade has been a game-changer for BNB Smart Chain and its associated cryptocurrency. The bullish sentiment emanating from this success now looks set to propel the asset towards new highs, potentially reaching a price of $719 or more.
Source: coincentral.com
