- At the time of writing, BNB broke through a key resistance level and is up 6.33% over the last 24 hours.
- Indicators are pointing to a continued bullish trend.
Binance Coin (BNB) is making waves in the cryptocurrency markets. In the last 24 hours, the coin has gained 6.33%, bringing its weekly gain to 9.08% at the time of writing.
According to CoinMarketCap data, this upward trend has caused BNB’s market cap to surge to $82.9 billion.
It’s not all about BNB. Trading volume soared by 25.37% over the same period, reaching $1.8 billion. This figure shows that interest in BNB is growing again.
The delicate balance between BNB whales and liquidations
Investors with huge capital also have stakes in BNB. Whales holding more than $5 million control 55.142% of the supply. This concentration can lead to sharp moves in either direction as a result of increased liquidity.
Source: Santiment
In addition to the whale activity mentioned above, there is a significant liquidation pool at the $580 price level. Around 1.44 million BNB is being pooled at this level, which could signal a price action or a downturn.
Source: Coinglass
Break the barrier
BNB’s TradingView chart shows a breakout signal. The coin has broken through the downtrend line, suggesting a bullish reversal. A symmetrical triangle pattern has formed, which historically indicates a continuation of the bullish trend.
The $555 level now acts as a key support level, a reversal from its role before the structural breakdown. These technical indicators suggest that the altcoin may be gearing up for further gains.
Source: TradingView
The Future of BNB
Despite the aforementioned bullish sentiment, the Stochastic Relative Strength Index suggests that the market is in overbought territory, suggesting a short-term downside potential.
Realistic or not, here is BNB’s market cap in terms of BTC:
However, increased development activity in the Binance Coin ecosystem could drive long-term growth. Investors should have their loot close to the $600-$650 range for the next significant move.
The combination of a BNB breakout above a key level and the presence of a powerful whale creates a foundation for potential profits.