Altcoin

BNB’s next target: Is $580 the key level to generate bigger profits?

Published

1 year ago

August 21, 2024

BNB broke out of a key resistance on the time of writing, with a acquire of 6.33% previously 24 hours.
Statistics point out a continued bullish run.

Binance coin [BNB] is making waves on the crypto market. Within the final 24 hours, the coin witnessed an increase of 6.33%, bringing its weekly acquire to 9.08% on the time of writing.

This upward momentum has pushed BNB’s market cap to $82.9 billion, in response to CoinMarketCap knowledge.

That is not all for BNB: buying and selling quantity elevated by 25.37% to $1.8 billion in the identical interval. These figures present a renewed curiosity in BNB.

A fragile steadiness between BNB whales and liquidations

Buyers with enormous capital even have their pursuits in BNB. Whales with over $5 million USD management 55.142% of the provision. This focus may result in sharp strikes in both path on account of elevated liquidity.

Supply: Santiment

Complementing the above whale exercise, there’s a vital liquidation pool on the $580 value stage. About 1.44 million BNBs have been merged at this stage, and this might point out a springboard or a bust within the value motion.

Supply: Coinglass

Breaking limitations

BNB’s tradingview chart exhibits breakout alerts. The coin broke by means of a descending trendline, indicating a bullish reversal. A symmetrical triangle sample has fashioned, which traditionally signifies a continuation of a bullish pattern.

The $555 stage now serves as a key help, a change from its earlier position earlier than the construction break. These technical indicators counsel that the altcoin could also be gearing up for extra positive factors.

Supply: TradingView

The best way ahead for BNB

Regardless of the above bullish sentiments, the stochastic relative power index is within the overbought zone, indicating a potential near-term pullback.

READ Whales add 190,000 Ethereum in the last 24 hours - the accumulation continues

Lifelike or not, right here is the market cap of BNB in phrases of BTC

Nonetheless, elevated growth exercise within the Binance coin ecosystem may gas long-term development. Buyers ought to have decide within the area of $600-$650 for the subsequent main transfer.

A BNB breakout above key ranges, coupled with a robust whale presence, units the stage for potential positive factors.

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