- With strong and bullish price action, BNB could soar by 15% to reach the $775 level.
- Traders were over-leveraged at the $656.3 and $683.3 levels.
As a seasoned analyst with years of experience navigating the cryptocurrency market, I can confidently say that the recent bullish momentum behind Binance Coin (BNB) is not to be ignored. With my eyes glued to the charts and fingers on the pulse of this dynamic industry, I’ve seen enough to believe that BNB could indeed soar by 15% to reach the $775 level in the coming days.
After exhibiting a powerful resurgence, Binance Coin (BNB), the world’s fifth-largest digital currency, has managed to break free from a bullish price trend, preventing Ripple (XRP) from surpassing its current position.
During the early morning Asian trading hours, the market caps of both altcoins came very close in value, nearly equal.
Amid a generally optimistic attitude towards cryptocurrencies, Binance Coin (BNB) has begun to surge, moving towards a more positive forecast.
At present, the ongoing bullish market trends, growing interest from traders, and recent election outcomes are fueling Binance Coin’s (BNB) surge, and these factors should also contribute to its future upward momentum.
BNB: Key levels to watch
Based on technical analysis by AMBCrypto, Binance Coin (BNB) appears to have broken free from a bullish flag and pole chart pattern. Currently, it’s trending towards reaching a new peak in price.
The significant increase in BNB’s price recently pushed it past a robust barrier at approximately $665, a level that previously acted as a resistance.
As a crypto investor, I’ve noticed that when Binance Coin (BNB) ends its daily trading at a price above $670, it often indicates a strong potential for a surge. If this happens, I believe we might see BNB soaring by approximately 15% to potentially reach the $775 level in the near future.
Currently, as I’m typing this, the asset is being bought and sold above its 200-day Exponential Moving Average (EMA), suggesting a rising trend in the market.
Furthermore, the Relative Strength Index (RSI) also indicated that BNB may have more potential for expansion in the upcoming days, implying continued growth.
Bullish on-chain metrics
Beyond the technical analysis, BNB’s on-chain activities also bolster its optimistic forecast. Lately, there’s been a notable rise in trader engagement, resulting in a substantial hike in Open Interest (OI), indicating increased activity and potential for price growth.
Based on data from Coinglass, the open interest for BNB has risen by approximately 11.25% within the last four hours, and it increased by around 3.64% during the previous hour.
During this time, the increasing Open Interest suggests a rise in trader activity and the formation of new trading positions.
According to an analysis by AMBCrypto, it was found at the current moment that some traders were excessively leveraged on the Binance platform at the prices of approximately $656.3 and $683.3, as indicated by the exchange’s liquidation map.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
Current price momentum
Currently, at the point of composition, BNB was close to $673 in value, and it saw an uptick of more than 7.5% over the last 24 hours. Furthermore, the trading volume for this timeframe has grown by approximately 7.5%.
This increased involvement from traders and investors can be attributed to their optimistic view on altcoins, a sign of a bull market.
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2024-11-23 18:16