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.

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.