Bullish 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.
Related Articles
Recent Posts
- Price Analysis
After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
The Litecoin price has shown impressive resilience after recording a sharp 17% rebound in just…
- Price Analysis
Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
Cardano price surged by 10% amid renewed interest from retail investors, signaling a potential shift…
- Price Analysis
Bitcoin Price: How Low BTC Could Fall by the End of 2025?
Crypto treasury firms holding Bitcoin, Ethereum, and XRP are recording steep unrealized losses following the…
- Price Analysis
Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
The $5M FUNToken giveaway by 5m.fun has led to the locking of millions of $FUN…
- Price Analysis
Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
Aster price surged over the past 24 hours, maintaining stability above the $1 mark. The…
- Price Analysis
Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
The Filecoin price continues its explosive recovery, climbing over 51% in the past 24 hours.…