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- BNB managed to break through a major resistance level at the time of publishing, with a gain of 6.33% over the past 24 hours.
- The metrics indicate a continuation of the upward trend.
Binance coin [BNB] Bitcoin has been making waves in the cryptocurrency market. Over the past 24 hours, the coin has seen a 6.33% surge, pushing its weekly gains to 9.08% at the time of writing.
This upward momentum has seen BNB’s market cap rise to $82.9 billion according to CoinMarketCap data.
But that’s not all for BNB, its trading volume increased by 25.37% to $1.8 billion during the same period. These figures show renewed interest in BNB.
A delicate balance between BNB whales and liquidation
Investors with huge capital also have stakes in BNB. Whales with more than $5 million control 55.142% of the supply. This concentration could lead to sharp moves in either direction as a result of increased liquidity.
Source: Santiment
In addition to the whale activity mentioned above, there is a large liquidation rally at the $580 price level. Around 1.44 million BNB has been accumulated at this level, which could indicate a starting or a downward point for the price movement.
Source: Coinglass
Breaking barriers
BNB’s TradingView chart is showing breakout signals. The coin has broken through the downtrend line, signaling a bullish reversal. A symmetrical triangle pattern has been formed, which historically indicates a continuation of the uptrend.
The $555 level is now acting as a major support, a reversal from its previous role before the structure was broken. These technical indicators suggest that the altcoin could be poised for further gains.
Source: TradingView
The road ahead for BNB
Despite the above mentioned bullish sentiment, the stochastic RSI is in the overbought zone, indicating a potential pullback in the short term.
Realistic or not, here BNB Market Cap in BTC Terms
However, the increased development activity in the Binance Coin ecosystem could fuel long-term growth. Investors are expected to grab their share of the $600-$650 range in the next major move.
BNB’s breakout above key levels, coupled with a strong whale presence, paves the way for potential gains.
