As the weekly chart unfolds for Binance Coin (BNB), a notable bullish momentum is evident, bringing it closer to a critical resistance level.
With a significant surge, BNB has surpassed various resistance levels and is currently consolidating near the $662 range.
Market analysts have pointed out that a breakthrough above this level could pave the way for a price rally towards $1630, a target driven by psychological factors.
This potential upward trajectory is supported by a series of higher lows that BNB has consistently established since the beginning of 2024, indicating a strong uptrend.
The recent surge in trading volume further reinforces the strong buying interest at current price levels, suggesting a solid support base around $529.88.
Given this solid foundation along with the upward trend, BNB is well positioned for continued growth. A decisive weekly close above $662 could confirm the bullish outlook, potentially leading to a significant price surge.
Such a move carries significant implications, marking a crucial juncture for Binance Coin within the competitive cryptocurrency market.
Positive Signals from BNB’s RSI and MACD Indicators
On the 4-hour chart, BNB has shown a positive shift as the Relative Strength Index (RSI) broke above its previous downtrend line, indicating a resurgence in bullish momentum.
Additionally, the Moving Average Convergence Divergence (MACD) has turned bullish, signaling an uptick in buying pressure.
This technical shift suggests that maintaining a weekly close above the key level of $662 could propel BNB towards a higher target of $1630.
This potential price surge highlights a robust recovery and increasing market confidence in the strength of the BNB market.
Key Insights from Liquidation Heatmap and BUSD Data Analysis
An analysis of the BNB/USDT liquidation heatmap reveals a critical zone between $600 and $647, which could act as pivotal levels for market dynamics.
If Binance Coin manages to sustain its position above $662 throughout the week, a significant rally could push it towards the $1630 target.
The heatmap indicates substantial liquidation levels at lower price points, indicating strong support around the $600 mark.
Traders are closely monitoring these liquidation levels for potential shifts that could trigger further upward momentum in BNB’s price.
These observations reflect a heightened market interest and the possibility of BNB’s value increasing if key resistance levels are breached.
Furthermore, on-chain data analysis of Binance USD reveals that a sizable number of addresses are in a profitable position, while a majority are out of the money.
The data also shows that a significant portion of BUSD was purchased within a specific price range, hinting at a potential pivot if BNB successfully closes above $662 this week, setting the stage for a move towards $1630 on a weekly basis.