Binance
BNB’s next target: Is $580 the key level to trigger bigger gains?
BNB rallies as whales accumulate, technical indicators signal a potential bull run.
- 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.
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.
Source: Coinglass
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.
Source: TradingView
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.
