.jpg)
- BNB price is up 3% in the past 48 hours, testing its trend line support.
- Indicators were optimistic about a potential rise.
Binance coin [BNB] It has seen renewed momentum over the past 48 hours. It is up almost 3% after bouncing off major trend line support.
However, the $593 resistance level remained strong as bulls tried to push the price higher.
BNB prices have been stable over the past 10 days. BNB then recorded a 3% rise over the past two days after testing support at the downtrend line.
This upward surge in prices from support indicates that the bulls are still in the market and struggling to regain control.
However, the $593 level remains a critical resistance that has been tested on multiple occasions.
Source: Trading View
Whale Accumulation Fuels Bullish Sentiment
According to Hyblock data, the whale-to-hash ratio stood at 79 at press time, indicating that the big players in the market are in control.
This could be a positive sentiment, as they can accumulate the upward momentum needed for a potential price rise.
Source: Hyblock Capital
This accumulation by large holders often precedes price increases, as it reduces circulating supply and can build upward pressure.
The current whale accumulation trend is consistent with the recent price surge and could support further bullish momentum.
The development activity data also indicated steady development activity for BNB throughout June.
Although sustainable development efforts are not directly linked to price, they typically indicate a healthy project ecosystem and can boost investor confidence.
Source: Santiment
Filter levels indicate potential volatility.
AMBCrypto also analyzed liquidation level data from Hyblock, which provided insight into potential price fluctuations.
There was a large group of long liquidations around the $580 to $590 range, which could act as a resistance level.
If BNB manages to break through this area, it could trigger a short squeeze, which could accelerate the bullish momentum.
However, there is also a noticeable concentration of short liquidation below the current BNB price level, around the $570 to $575 region.
This could fend off further declines, as liquidating these positions could involve long BNB trades, which could support the price.
Source: Hyblock Capital
is reading Binance coin [BNB] Price prediction 2024-2025
While the recent 3% rise is promising, a break of the resistance at $593 remains vital to confirm the uptrend.
The strong whale accumulation and steady development activity have provided a solid foundation for potential price increases.
