- BNB broke through key resistance at press time with a 6.33% gain over the past 24 hours.
- Indicators point to a continued uptrend.
Binance Coin (BNB) is making waves in the cryptocurrency market. Over the past 24 hours, the coin has seen a 6.33% increase, taking its weekly gains to 9.08% at press time.
This upward momentum has pushed BNB’s market capitalization to $82.9 billion according to data from CoinMarketCap.
But that’s not all for BNB: its trading volume jumped 25.37% to $1.8 billion during the same period. These figures show a renewed interest in BNB.
A delicate balance between whales and BNB liquidations
Investors with significant capital also have their stakes in BNB. Whales holding over $5 million control 55.142% of the supply. This concentration could lead to sharp moves in either direction due to increased liquidity.
Source: Santiment
In addition to the whale activity mentioned above, there is a sizable liquidation pool at the $580 price level. At this level, there are approximately 1.44 million BNB pooled, which could suggest a springboard or a drop in price action.
Source: Coinglass
Breaking the barriers
BNB’s tradingview chart is showing breakout signals. The coin has broken out from a descending trendline, hinting at a bullish reversal. A symmetrical triangle pattern has formed, which historically signals the continuation of an uptrend.
The $555 level is now serving as key support, a reversal of its previous role before the structure was broken. These technical indicators suggest that the altcoin could be preparing for further gains.
Source: TradingView
The road ahead for BNB
Despite the bullish sentiments mentioned above, the Stochastic Relative Strength Index is in an overbought zone, suggesting a potential pullback in the short term.
Realistic or not, here is the market capitalization of BNB in terms of BTC
However, increased development activity in the Binance coin ecosystem could fuel long-term growth. Investors should have a haul near $600-$650 for the next big move.
A BNB break above key levels, coupled with a strong whale presence, opens the way for potential gains.
