Can BNB bulls break $593 resistance, move to $650 and beyond?

  • BNB surged by 3% in the last 48 hours, testing its trendline support.
  • Metrics were optimistic for a potential rally.

Binance Coin [BNB] has seen renewed momentum over the past 48 hours.  It surged by approximately 3% after bouncing off the key trendline support.

However, the $593 resistance level stood strong as bulls attempted to push prices higher.

BNB prices have been consolidating for the past 10 days. BNB then staged a 3% rally over the past two days after testing support at a descending trendline.

This bullish price surge from the support indicated that the bulls were still in the market and battling to regain control.

However, $593 remains a critical resistance that has been tested on multiple occasions.

BNBUSD 2024 06 30 13 48 53 93d85

Source: TradingView 

Whale accumulation fuels bullish sentiment

According to Hyblock data, the whale-to-retail ratio was 79 at press time, indicating that the big players in the market are in control.

This could be a positive sentiment, as they could accumulate the required bullish momentum for the potential price rally.

whale to retail BNBwhale to retail BNB

Source: Hyblock Capital

This accumulation by large holders often precedes price rallies, since it reduces the circulating supply and can build bullish pressure.

The current whale accumulation trend correlates with the recent price surge and could potentially support further upward momentum.

The development activity data also indicated a consistent development activity for BNB throughout June.

While not directly correlated with price, sustained development efforts typically indicate a healthy project ecosystem and can boost investor confidence. 

BNB BNB 13.39.55 30 Jun 2024BNB BNB 13.39.55 30 Jun 2024

Source: Santiment

Liquidation levels indicate potential volatility

AMBCrypto further analyzed liquidation levels data from Hyblock, which provided insight into potential price volatility.

There was a significant cluster of long liquidations around the $580 to $590 range, which could act as a resistance level.

If BNB can break through this zone, it might trigger a short squeeze, potentially accelerating the upward momentum.

However, there’s also a notable concentration of short liquidations below the current BNB price level, around the $570 to $575 zone.

This could repel more dips, as liquidations of these positions would involve BNB longs, potentially supporting the price.

BNB liquidation levelBNB liquidation level

Source: Hyblock Capital

Read Binance Coin [BNB] Price Prediction 2024-2025

While the recent 3% surge is promising, breaking the $593 resistance remains vital for confirming a bullish trend.

The strong whale accumulation and steady development activity provided a solid foundation for potential price hikes. 

Next: Bitcoin HODLers confident despite market decline: Will this help BTC’s price?

Source link

About The Author

Scroll to Top