Claim $500Bullish Momentum Builds as Binance Coin Price Breaks $500; What’s Next?
Highlights
- A rounding bottom pattern is influencing the current recovery trendline in BNB price.
- The bullish breakout from the $500 psychological level sets the BNB price for a quick 8% surge.,
- The intraday trading volume in the BNB coin is $41 Million, indicating a 56% gain.
Binance Coin Price: Earlier this week, the cryptocurrency market witnessed a sudden sell-off which plunged the Bitcoin price to a low of $57500. While the retracement spread to the altcoin market as well, the BNB token of the Binance crypto exchange showcased a robust recovery evidenced by five green candles in the daily chart. This recent upswing led the BNB price from $385 to $528, registering 37%. Will this recovery extend if BTC breaks above $70000 on Monday?
Also Read: BNB Price Hits 2-Year High. Why is Binance Coin Rising?
BNB Price Ascend Triggered a $2.3 Million Short Squeeze
Amid the broader market recovery, the Binance coin price witnessed a steady parabolic growth since October 2023, when the price rebounded from $200. Over the past five months, the recovery uplifted the coin value by 162% to reach the current trading price of $529.
A look at the daily chart shows this upswing as the formation of a traditional reversal pattern called the rounding bottom pattern. This chart pattern indicates a slow shift in sentiment from pessimism to optimism among investors, as selling pressure decreases and buying interest increases, leading to a potential long-term increase in the asset’s price.
With an intraday gain of 8.5%, the BNB price gave a bullish breakout from the $507 key resistance, providing trading with suitable support to push higher. Recent data from the derivatives market, as reported by Coinglass, reveals that traders on Binance experienced the liquidation of short positions amounting to $2.3 million.
If the Binance coin price manages to sustain above $507 support, the buyers may drive a rally to $5700, followed by neckline resistance of $668.
Yet, the recovery path won’t be linear, as this altcoin exhibits a pattern of periodic pullbacks to gather strength for its bullish momentum.
Also Read: Just-In: Binance To Launch XRP USDT Options, XRP Price Rally Ahead?
Technical Indicator:
- Bollinger Band: The ascending movement within the Bollinger Band indicator signifies the prevailing influence of buyers on this asset.
- Exponential Moving Average: The 20-and 50-day EMA has been providing dynamic support to BNB prices for the past three months.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
