- The Stochastic RSI indicates a slight bullish crossover, suggesting potential upward momentum.
- At press time, BNB was trading above a key support level.
Binance Coin (BNB) has seen a sharp price increase over the past 24 hours, positioning its value at $505 at press time.
Despite this daily increase, BNB has seen a decline of 2.74% over the past week, according to the latest data from CoinMarketCap. The coin’s market cap currently stands at $73.47 billion, having increased by 2.02%. Its trading volume has suffered a significant decline of 27.29%, falling to $1.33 billion over the past 24 hours.
The current support level for BNB is around $462.6, which has historically proven to be a critical level. This level has served as a key support area for BNB during multiple market corrections, preventing further downward movements.
BNB was trading above this key support level. Bullish momentum has started to accelerate with the $555.4 level on the horizon.
However, if the price falls below this threshold, it could trigger additional selling pressure and lead to deeper market corrections.
Source: Tradingview
BNB whales remain stable
Whale activity has been steadily increasing since July 15. The percentage of total supply held by wallets over $5 million stands at 54.
This suggests that the largest holders are still maintaining their positions, reflecting confidence in the market.
The accumulation of whales at this level may provide support to prices as further sell-offs are unlikely, indicating potential stability in the near term.
Source: Santiment
BNB development activity increases
Additionally, development activity around BNB has increased, according to data from Santiment.
This increase is a positive sign, as increased development often leads to increased investor confidence and long-term growth prospects.
BnB
Source: Santiment
Stochastic RSI signals bullish momentum
The Stochastic RSI is indicating a slight bullish crossover, suggesting potential upward momentum in the near term.
Most of the time, these crossovers tend to indicate upcoming rallies, especially when combined with Binance coin holding above critical support levels.
Furthermore, the current chart indicates a consolidation phase after a strong upward push.
Read Binance Coin (BNB) Price Prediction for 2024-2025
This indicates a potential breakout ahead, especially with continued support from whale accumulation and development activity.
If the accumulation of BNB bullish momentum continues above the $462.6 support, BNB price could rally to retest the resistance levels around $555.4 and possibly target $634.1 in the coming quarters.
