- A strong and bullish price action could push BNB up 15% to reach the $775 level.
- Traders were overleveraged at the $656.3 and $683.3 levels.
Binance Coin (BNB), the world’s fifth-largest cryptocurrency, has made a strong rebound, breaking away from a bullish price action pattern without being overtaken by Ripple (XRP).
During early morning Asian trading hours, both altcoins were very similar in value, with their market caps almost identical.
With strong bullish sentiment across the cryptocurrency landscape, BNB has begun a rebound, turning the outlook to bullish.
For now, positive price action, increased trader participation, and recent election results are driving BNB’s rally and will likely support the upcoming rally.
BNB: Key Levels to Watch
According to AMBCrypto’s technical analysis, BNB successfully broke out of the bullish flag and polar price action pattern. At the time of writing, it was rising towards an all-time high.
BNB’s bullish breakout occurred near the strong resistance level of $665, which was surpassed during the recent price surge.
Based on historical momentum, if BNB closes the daily candle above the $670 level, it is likely to surge 15% and reach the $775 level in the next few days.
At the time of this writing, the asset is trading above the 200 exponential moving average (EMA) on the daily time frame, indicating an upward trend.
Additionally, another technical indicator, the Relative Strength Index (RSI), suggested that BNB has significant room for further growth in the future.
Bullish on-chain indicators
In addition to technical analysis, BNB’s on-chain indicators further support the optimistic outlook. Recent data shows a significant increase in open interest (OI) due to active participation from traders.
According to on-chain analytics firm Coinglass, BNB’s OI has surged 11.25% in the past four hours and 3.64% in the past hour.
This increase in OI indicates heightened trader interest and new positions being built during this period.
AMBCrypto’s examination of trader positions showed that traders were overleveraged at the $656.3 and $683.3 levels at press time, according to the BNB exchange clearing map.
Read Binance Coin (BNB) price prediction for 2024-2025
Current price momentum
At the time of writing, BNB is trading near $673 and has recorded gains of over 7.5% in the last 24 hours. During the same period, trading volume increased by 7.5%.
This reflects increased participation from traders and investors amidst an optimistic outlook for altcoins.