BNB’s next target: Is $580 the key level to trigger bigger gains?

• BNB broke out of a key resistance at press time with a 6.33% gain in the last 24 hours.
• Metrics signal a continued bullish run.

Binance Coin [BNB] is making waves in the crypto market. Over the past 24 hours, the coin witnessed an increase of 6.33%, pushing its weekly gains to 9.08% at press time.

This upward momentum has surged BNB’s market cap to $82.9 billion according to CoinMarketCap data. 

That is not all for BNB, its trading volume shot up by 25.37% to reach $1.8 billion within the same period. These numbers show a renewed interest in BNB.

A delicate balance among BNB whales and liquidations

Investors with huge capital have their stakes in BNB as well. Whales holding over $5 million USD control 55.142% of the supply. This concentration could lead to sharp moves in either direction as a result of increased liquidity. 

 Source: Santiment

Adding to the aforementioned whale activity, there is a considerable liquidation pool at the $580  price level. At this level, around 1.44 million BNB are pooled, and this could suggest a springboard or downfall to the price action.

Breaking barriers

BNB’s tradingview chart indicates breakout signals. The coin broke through a descending trendline, hinting at a bullish reversal. A symmetrical triangle pattern has formed, which historically signals a continuation of a bullish trend.

The $555 level now serves as a key support, a flip from its previous role before the structure break. These technical indicators suggest that the altcoin might be gearing up for more gains.

The road ahead for BNB

Despite the aforementioned bullish sentiments, the stochastic relative strength index sits in overbought zone, suggesting a potential short term pullback.

Realistic or not, here BNB’s market cap in BTC’s terms

However, increased development activity in the Binance  coin ecosystem could fuel long-term growth. Investors should have a close loot at the $600-$650 range for the next significant move.

A BNB breakout above key levels, coupled with a strong whale presence, sets the stage for potential gains.