Will BNB Bulls Overcome $593 Resistance and Push Towards $650 and Beyond?

Will BNB Bulls Overcome $593 Resistance and Push Towards $650 and Beyond?

BNB’s Price Rallies by 3% After Retesting Key Support Level

BNB surged by 3% in the last 48 hours, testing its trendline support. Metrics were optimistic for a potential rally. Binance Coin [BNB] has seen renewed momentum over the past 48 hours. It surged by approximately 3% after bouncing off the key trendline support.

However, the $593 resistance level stood strong as bulls attempted to push prices higher.

Consolidation and Bullish Surge

BNB prices have been consolidating for the past 10 days. BNB then staged a 3% rally over the past two days after testing support at a descending trendline. This bullish price surge from the support indicated that the bulls were still in the market and battling to regain control.

However, $593 remains a critical resistance that has been tested on multiple occasions.

Whale Accumulation Fuels Bullish Sentiment

According to Hyblock data, the whale-to-retail ratio was 79 at press time, indicating that the big players in the market are in control. This could be a positive sentiment, as they could accumulate the required bullish momentum for the potential price rally. This accumulation by large holders often precedes price rallies, since it reduces the circulating supply and can build bullish pressure.

The current whale accumulation trend correlates with the recent price surge and could potentially support further upward momentum. The development activity data also indicated a consistent development activity for BNB throughout June. While not directly correlated with price, sustained development efforts typically indicate a healthy project ecosystem and can boost investor confidence.

Liquidation Levels Indicate Potential Volatility

AMBCrypto further analyzed liquidation levels data from Hyblock, which provided insight into potential price volatility. There was a significant cluster of long liquidations around the $580 to $590 range, which could act as a resistance level. If BNB can break through this zone, it might trigger a short squeeze, potentially accelerating the upward momentum.

However, there’s also a notable concentration of short liquidations below the current BNB price level, around the $570 to $575 zone. This could repel more dips, as liquidations of these positions would involve BNB longs, potentially supporting the price.

While the recent 3% surge is promising, breaking the $593 resistance remains vital for confirming a bullish trend. The strong whale accumulation and steady development activity provided a solid foundation for potential price hikes.

Leave a Reply

Your email address will not be published. Required fields are marked *