- BNB’s price increased by more than 4% in the last seven days.
Metrics and indicators hinted at a continued price rise.
As a seasoned crypto investor with a few years of experience under my belt, I’ve learned to read between the lines when it comes to market trends and price movements. And right now, Binance Coin (BNB) is giving me cause for optimism.
Over the past week, investors of Binance Coin (BNB) rejoiced as the value of their holdings surged. Yet, the recent upward trend has begun to wane within the past few hours.
Though this looked bearish at first glance, it might be an indication of yet another bull rally.
BNB’s silent move
Following a steady gain of 4% over the past week, the value of BNB showed minimal progression based on data from CoinMarketCap in the previous 24-hour period.
When I penned down these words, the value of the coin stood at $602.68, and its total market worth exceeded $88.9 billion. The loss of energy in its price trend caused a decrease in BNB‘s weekly price fluctuations.
Apart from this, social metrics were also affected.
As a crypto investor, I closely monitor various analytics platforms to gain insights into the market trends. Recently, while reviewing the data from Santiment, I noticed an intriguing development. The Social Volume metric, which measures the amount of social media buzz around a particular asset, experienced a significant decline last week. Additionally, the Weighted Sentiment, indicating the overall sentiment towards a coin based on various sources, plummeted sharply on May 26th.
This clearly indicated that bearish sentiment around the coin was dominant in the market.
In the midst of adversity, Binance Coin (BNB) possessed a hidden advantage. A bullish pennant formation emerged on its price graph around mid-March. Ever since, BNB has been confined within this pattern, preparing for a potential surge.
At the current moment, the altcoin is approaching the upper boundary of its established pattern. A surge beyond this point might trigger another round of bullish price action.
Should a bull market ensue, the value of the coin could potentially reach its peak of $686, achieved in 2021.
Will BNB manage to break out?
An expert analysis by AMBCrypto involved examining the on-chain data of Binance Coin (BNB) to determine if this cryptocurrency showed signs of successfully breaching the bullish pennant chart formation.
Based on our examination, the trading volume for BNB decreased, yet its price instability lessened. This implied that a turnaround in the trend could occur soon.
The funding rate remains relatively low, enhancing the probability of heightened market volatility in the near future.
The coin’s price was sitting on its 20-day Simple Moving Average (SMA), hinting at a rebound.
Additionally, the Chaikin Money Flow (CMF) experienced a significant increase, indicating that buyers could potentially enter the market soon, thereby enabling Binance Coin (BNB) to surpass its bullish trendline.
To maintain an uptrend, Binance Coin (BNB) needs to surpass the robust resistance point around $613. Reaching this level could trigger significant sell orders, potentially leading to a price reversal.
A successful breakout above that would allow BNB to target new highs.
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2024-05-27 12:07