BNB buyers should watch out for THESE price levels before going long
BNB is hovering near key resistance—will bulls push it into a breakout, or is consolidation on the horizon?
- BNB’s recent recovery helped the coin close above its EMAs—depicting a strong bullish edge.
- The coin’s derivatives data showed a bullish edge amid the recent BTC recovery.
The recent sideways movement of Binance Coin [BNB] has been contained within the $460-$600 range for nearly four months, reflecting its struggle against broader market headwinds. The most recent price action has reversed from the $607 resistance, triggering a near-term dip.
However, the bulls re-emerged at the $539 support level in tandem with a slight recovery in Bitcoin [BTC].
At press time, Binance Coin was trading at approximately $576, up by around 2.5% over the past 24 hours.
BNB primed for another rally?
BNB’s daily chart highlighted how the altcoin broke above critical EMAs, giving the bulls a short-term edge. After bouncing off the $539 support level, BNB climbed above its 20, 50, and 200-day EMAs to reflect renewed buying pressure.
Should this momentum persist, the Binance Coin will likely retest the $607 resistance and possibly breach it in the coming days. A successful close above $607 could see BNB entering a new price discovery phase, with potential tests at $630 and beyond.
But it’s worth noting that a rejection at the $607 level could stall the current bullish momentum and prompt a consolidation phase between $539 and $607.
The RSI stood at 54.73, indicating a slight bullish bias. If it manages a clean break above the 60 mark, it would reinforce the buying pressure and potentially accelerate the bullish breakout.
Derivatives data suggest…
The derivatives market sentiment further corroborated the current bullish scenario. BNB’s 24-hour long/short ratio was at 0.9623, reflecting a balanced sentiment.
However, on Binance and OKX, the long/short ratios were more favorable for the bulls, standing at 1.5907 and 1.73, respectively. This suggested some optimism among traders, especially for short-term gains.
In contrast, the open interest for BNB options witnessed a slight 4.11% decline, indicating some traders are cautious about holding positions amid the ongoing consolidation phase.
Interestingly, the trading volume grew from 111.22% to $546.86 million. This increase in volume alongside the 24-hour gains painted a relatively positive picture for the coin.
The recent rekt data highlighted a mixed sentiment, with most short traders being liquidated over the past 12 hours, indicating the bullish push might still have some steam left.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
Given BNB’s high correlation with BTC, traders should keep a close watch on Bitcoin’s movement. A bullish breakout in BTC could also set the tone for BNB’s trajectory.
For now, a decisive move above or below the $607 and $539 levels will clarify BNB’s next trend.
