Recent data analysis indicates that Binance Coin (BNB) has been displaying a strong bullish trend, nearing a crucial resistance level.
BNB has successfully surpassed several resistance levels and is currently trading close to $662 at the time of writing.
Market experts have suggested that a breakthrough above this level could pave the way for a significant rally towards $1630, driven by psychological factors.
This anticipated price movement is supported by the consistent pattern of higher lows that BNB has been forming since the beginning of 2024, signaling a robust upward trend.
Furthermore, a notable surge in trading volume corroborates the high demand at current price levels, indicating a solid support base around $529.88.
With this strong foundation and an upward trajectory, BNB is well-positioned to sustain its bullish momentum. A confirmed weekly close above $662 could confirm the optimistic outlook, potentially leading to a historic price surge.
If this scenario unfolds, it would mark a significant turning point for Binance Coin within the competitive cryptocurrency landscape.
BNB’s RSI and MACD Indicators Reflect Positive Sentiment
The 4-hour chart for BNB shows promising signs, with the Relative Strength Index (RSI) breaking above its previous downtrend line, signaling a resurgence in bullish sentiment.
Additionally, the Moving Average Convergence Divergence (MACD) has turned bullish, indicating a notable increase in buying pressure.
This technical shift suggests that if BNB maintains its position above the crucial $662 level on a weekly basis, it could potentially target a higher price point of $1630.
This anticipated price surge signifies a strong recovery and growing confidence in BNB among traders and investors.
Liquidation Heatmap and BUSD Analysis
Analysis of BNB/USDT liquidation data reveals a key range between $600 and $647, indicating potential pivot zones for market dynamics.
If Binance Coin manages to sustain its position above $662 throughout the week, a substantial rally might push it towards the $1630 target.
The liquidation heatmap highlights significant support levels near the $600 threshold, underscoring market stability at those price levels.
Traders are advised to monitor liquidation levels closely, as they could signal shifts in market sentiment and potentially fuel further upward momentum in BNB’s price.
Recent on-chain data analysis of Binance USD (BUSD) reveals that a considerable number of addresses (42.91K) are currently profitable, representing approximately 34.84% of BUSD holders.
Conversely, a larger portion of BUSD holders (79.05K addresses) find themselves at a loss, constituting around 64.19% of the total holders.
The majority of BUSD transactions were conducted within the price range of $1.00 to $1.02, with 68.85K addresses involved in those trades.
These insights suggest a potential shift in market dynamics if BNB manages to close above the $662 threshold this week, potentially setting the stage for a price advance towards $1630 on a weekly basis.