- The Stochastic RSI indicates a slight bullish crossover, suggesting potential upward momentum.
- BNB was trading above a key support level at press time.
Binance Coin [BNB] has experienced a price surge in the past 24 hours, positioning its value at $505 at press time.
Despite this daily increase, BNB has seen a 2.74% dip over the past week as of the latest data from CoinMarketCap. The coin’s market cap currently stands at $73.47 billion, having risen by 2.02%. Its trading volume has taken a significant 27.29% hit, dropping to $1.33 billion in the last 24 hours.
The current support level for BNB sits around $462.6, which has historically proven to be a critical level. This level has served as a key support zone for BNB during multiple market corrections, preventing further downward movements.
BNB was trading above this key support level. The bullish momentum has begun to gain pace with the $555.4 level on the horizon.
However, if the price dips below this threshold, it could trigger additional selling pressure and result in deeper market corrections.
Source: Tradingview
BNB whales hold steady
Whale activity has been on a steady rise since 15th July. The percentage of the total supply held by wallets with more than $5 million stands at 54.
This suggests that larger holders are still maintaining their positions, reflecting confidence in the market.
Whale accumulation at this level may provide price support, as major sell-offs are unlikely, indicating potential stability in the near term.
Source: Santiment
BNB development activity surges
Also, development activity around BNB has spiked, according to Santiment data.
This spike is a positive sign, as increased development often leads to heightened investor confidence and long-term growth prospects.
bnb
Source: Santiment
Stochastic RSI signals bullish momentum
The Stochastic RSI indicates a slight bullish crossover, suggesting potential upward momentum in the short term.
In most times, these crossovers tend to indicate upcoming rallies, especially when combined with Binance coin holding above critical support levels.
Besides, the current chart pattern indicates a consolidation phase after a strong upward surge.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
This points to a potential upcoming breakout, especially with the ongoing support from whale accumulation and development activity.
If BNB bullish momentum accumulation continues above the $462.6 support, BNB price could rally to retest resistance levels around $555.4 and eventually aim for $634.1 in the coming quarters.
