- BNB liquidation pools hit $2.75M at the $632.47 key price level.
- Whale holdings now account for 52.1% of the total supply, supporting bullish sentiment.
As a seasoned researcher with a decade-long experience in the cryptocurrency market, I’ve seen my fair share of ups and downs. The current state of Binance Coin [BNB] is intriguing, to say the least.
As a crypto investor, I find myself intrigued by Binance Coin [BNB], given its notable technical and on-chain advancements.
Even though there was a 7% drop after the recent bullish trend, the value of the asset remained slightly higher than the crucial $615 support level.
But will this setup offer the signal for a new rally, or are more price dips in store?
Whale accumulation boosts BNB?
Based on AMBCrypto’s assessment, a notable trend is the increase in whale ownership, as addresses currently holding more than 5 million BNB now account for approximately 52.1% of the entire BNB supply.
Historically, wealthier investors amassing assets often precedes price increases, and BNB might take a similar path.
At the same time, the Social Volume of this altcoin has consistently risen since November 3rd. This suggests an upward trend in the number of times BNB is being discussed across various social media outlets.
This led to a rise in market curiosity and conversations, signifying a favorable upward trend, or in simpler terms, a good sign for potential growth.
Concurrently, the liquidation pool stood at $632.47, equivalent to approximately 2.75 million dollars. This indicated a significant number of highly leveraged positions were clustered around this crucial price point.
Typically, it tends to attract instability which can trigger a significant shift towards it.
$615 support level holds steady—for now
In the day-by-day analysis, BNB demonstrated a robust recovery on several occasions when it hit the crucial support of $615 in recent trading periods. Previously, this $615 mark has proven significant, often propelling price surges.
However, the recent 7% correction showed that the bears were not out of the picture yet.
Should the price drop past the $615 mark, the next potential support could be found around $551.5. This is a level where BNB has encountered resistance during periods of market downturn in the past.
Contrarily, surpassing the $615 mark might lead to a retest of the previous resistance at $632.47, and potentially a surge toward the $724.7 level that was established earlier in the year.
What’s next for BNB?
As the behavior of whales and robust resistance points boost optimistic expectations, it’s essential to exercise caution. Dropping below the $615 mark might initiate a sequence of subsequent decreases.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
From another perspective, continuous buying by whales and optimistic feelings could spark a comeback and ultimately lead to an upward trend (bull market).
Currently, everyone is keeping a close watch on the $615 mark. If BNB manages to push beyond this level or gives way to sell-offs, the forthcoming price movements will determine the direction of the coin’s future trend.
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2024-11-20 04:41