Within the last 24 hours, Binance Coin (BNB) has experienced a 5.21% increase in price, rebounding from a previous decrease earlier in the week. This recovery can be attributed to a resurgence in market confidence.
Bullish Trend Aims for New Highs
Currently, BNB is consolidating within a bullish symmetrical triangle pattern, indicating a period of accumulation dominated by buying pressure. This pattern is characterized by price fluctuations between converging levels of support and resistance.
The potential for BNB to revisit its previous all-time high of $793.86 and potentially reach the $800 mark is high, although it may face resistance around $705.06 that could temporarily impede its upward trajectory.
A recent price spike has driven BNB closer towards breaking out of this pattern, contributing to a 5.25% increase in market capitalization to $99.59 billion, coupled with a 29.39% surge in trading volume to $1.6 billion.
Increased Long Contracts, Short Position Losses
Recent Coinglass liquidation data indicates a market preference for long positions over shorts, with more short contracts being liquidated than long contracts.
Out of a total of $1.03 million in liquidations, short contracts worth $578,680 were closed forcibly, compared to long contracts totaling $447,480 over the past 24 hours.
Moreover, there has been a notable increase in long contracts, with the long-to-short ratio exceeding 1. Currently standing at 1.0202, this ratio suggests that more traders are anticipating a rise in BNB’s price.
Surge in BNB Open Interest
After a consistent decline, Open Interest, which measures unsettled derivative contracts, has begun to rise by 0.57% to around $817.75 million, indicating an increase in opened contracts.
This surge in Open Interest, coupled with heightened trading volume and price, indicates a growing bullish sentiment driving these new positions.
Furthermore, there has been a shift in behavior among BNB holders, with more opting to hold their positions rather than sell. A significant amount of BNB has been moved to private wallets for safekeeping, totaling 2.15 million BNB transferred.
With the current market sentiment favoring BNB, the cryptocurrency is likely to continue its bullish trend and potentially reach new price milestones in the upcoming trading sessions.