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Posted: November 23, 2024
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- With strong and bullish price action, BNB could soar by 15% to reach the $775 level.
- Traders were over-leveraged at the $656.3 and $683.3 levels.
Binance Coin [BNB], the world’s fifth-largest cryptocurrency, has made a strong comeback by breaking out of a bullish price action pattern, holding its position from being overtaken by Ripple [XRP].
During the early morning Asian trading hours, the market caps of both altcoins came very close in value, nearly equal.
With strong bullish sentiment across the cryptocurrency landscape, BNB has started to rally, shifting its outlook toward bullishness.
As of now, positive price action, increased trader participation, and recent election results are driving BNB’s rally and will support its upcoming rally.
BNB: Key levels to watch
According to AMBCrypto’s technical analysis, BNB has successfully broken out of a bullish flag and pole price action pattern. At the time of writing, it was heading upside to its all-time high.
BNB’s bullish breakout occurred near a strong resistance level of $665, which was surpassed during the recent price surge.
Source: TradingView
Based on historical momentum, if BNB closes a daily candle above the $670 level, there is a strong possibility it could soar by 15% to reach the $775 level in the coming days.
At the time of writing, the asset was trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Additionally, another technical indicator, the Relative Strength Index (RSI), suggested that BNB still had significant room for further growth in the coming days.
Bullish on-chain metrics
In addition to technical analysis, BNB’s on-chain metrics further support its bullish outlook. Recent data shows that traders are actively participating, leading to a significant increase in Open Interest (OI).
Source: Coinglass
According to the on-chain analytics firm Coinglass, BNB’s OI has surged by 11.25% over the past four hours and 3.64% in the past hour.
This growing OI indicated heightened trader interest and the buildup of new positions during this period.
AMBCrypto’s examination of traders’ positions showed that, per the BNB exchange liquidation map, traders were over-leveraged at the $656.3 and $683.3 levels at press time.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
Current price momentum
At the time of writing, BNB was trading near $673 and has registered a gain of over 7.5% in the past 24 hours. Its trading volume has increased by 7.5% during the same period.
This reflected heightened participation from traders and investors amid the bullish outlook for altcoins.
