Binance Coin (BNB), ranked as the fifth-largest cryptocurrency globally, has experienced a remarkable recovery after breaking out of a bullish price pattern, successfully maintaining its position above Ripple (XRP).
In the early hours of Asian trading, the market capitalizations of both cryptocurrencies came very close, almost matching each other in value.
With a prevailing bullish sentiment in the cryptocurrency market, BNB has started to rally, indicating a shift towards positive momentum.
Currently, optimistic price movements, increased trader engagement, and recent election outcomes are propelling BNB’s rally and are poised to bolster its future upsurge.
BNB: Crucial Levels to Monitor
As per the technical analysis by CryptoCrypto, BNB has effectively broken out of a bullish flag and pole pattern in price action. At this moment, it is trending upwards towards its all-time high.
The bullish breakout for BNB happened around a notable resistance level at $665, which was surpassed during the recent surge in price.
With momentum from historical data, a daily candle closure above the $670 mark could potentially drive BNB to surge by 15% and reach $775 in the upcoming days.
At the time of analysis, the asset was above the 200-day Exponential Moving Average (EMA) on a daily timeframe, signaling an uptrend.
Furthermore, the Relative Strength Index (RSI) indicated that there is still significant room for growth in the coming days for BNB.
Positive On-Chain Metrics for BNB
Aside from technical indicators, on-chain metrics for BNB also support its optimistic outlook. Recent data suggests that traders are actively engaging with BNB, leading to a notable increase in Open Interest (OI).
According to data from Coinglass, BNB’s OI has surged by 11.25% over the past four hours and 3.64% in the last hour, indicative of growing trader interest and the formation of new positions during this period.
Analysis of traders’ positions revealed that, according to the BNB exchange liquidation map, traders were overly leveraged at the $656.3 and $683.3 levels at the time of publication.
Current Price Momentum
At the time of reporting, BNB was trading around $673, registering a gain of over 7.5% in the last 24 hours. Trading volume increased by 7.5% during the same timeframe, reflecting heightened participation from traders and investors amidst the positive outlook for alternative coins.