Binance Coin (BNB), the native cryptocurrency of the Binance ecosystem, continues to play a pivotal role in the cryptocurrency market.
Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target.
Below is an analysis of BNB’s latest performance and market metrics.
BNB Crypto Price Analysis
- Current Price: $623.19
- Market Cap: $91.97 billion
- 24-Hour Trading Volume: $2.42 billion
- Circulating Supply: 147.58 million BNB
- Total Supply: Gradually decreasing due to periodic coin burns.
Price is in an Uptrend and has finally broke above $600-$620 resistance where it’s got rejected several times in recent months. This could signal uptrend resumption to the next resistance of $720 for a +20% potential gain.
It’s now retesting that breakout level. Stop Loss at $547.
Weekly Price Analysis
- Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.
- Momentum is Bearish but inflecting. MACD Line is still below MACD Signal Line but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing. Price is neither overbought nor oversold currently.
- Support and Resistance: Nearest Support Zone is $500.00, then $450.00. Nearest Resistance Zone is $720.00.
Indicators and Market Sentiment
- Whale Holdings: Currently, whales hold 52.1% of the total supply.
- Technical Indicators: Key short-term support at $615 and resistance at $632.47 .
News Roundup
- Whale Accumulation: High-net-worth investors have been increasing their BNB holdings,.
- Liquidation Pools: $2.75 million in liquidated positions at $632.47 hints at heightened volatility around this level.
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