BNB price has experienced a significant rally, recording a new all-time high (ATH) after six months of resistance. This recent price action marks a critical shift for the cryptocurrency, breaking free from the eight-month-long resistance zone between $572 and $619.
The altcoin’s breakout has been accompanied by a surge in market activity, signaling strong investor confidence and a continued uptrend. As of now, the momentum remains intact, and BNB is poised to continue its upward trajectory.
BNB Aims at New Highs
The market sentiment surrounding BNB has been overwhelmingly positive, driven by a 16% surge in its price over the last 24 hours. This uptick has led to significant market liquidations, with $3 million worth of short positions being liquidated.
The rally has caught many bears off-guard, as they had anticipated a pullback, only for BNB to invalidate those expectations. The momentum has also created volatility, affecting even the most optimistic traders. In fact, the bullish sentiment has resulted in $2.26 million in long liquidations, showing that the market is currently in a state of intense price action. The liquidations indicate a sharp shift in market sentiment, with both bears and hyper-bulls getting caught in the market’s wild swings.
From a macro perspective, BNB’s technical indicators reflect a solid and growing trend. The Average Directional Index (ADX) is notably above the 25.0 threshold, signaling that the current uptrend is gaining strength. This technical signal reinforces the idea that BNB is not just experiencing a short-term rally but is on a path to continued growth. With a strong trend in place, the cryptocurrency is well-positioned to keep pushing toward new highs.
The continued upward momentum is also supported by increasing market participation and investor optimism. As the ADX indicator remains above the key threshold, the strength of the uptrend is expected to sustain itself in the coming weeks. This technical setup gives BNB the potential to maintain its price rally and avoid significant pullbacks, even in the face of market volatility.
BNB Price Prediction: Rising Further
BNB’s price experienced a major turnaround last month after breaking through the 8-month-long resistance block between $572 and $619. Despite struggling with the $658 resistance in recent weeks, the altcoin succeeded in pushing past it in the last 24 hours, triggering renewed bullish sentiment. The breakout marks a strong upward momentum for BNB.
Following the breakout, BNB reached a new all-time high and is now targeting $800 as the next resistance and support level. If this momentum continues, a push towards $800 is possible, driven by sustained bullish interest. This sets a positive outlook for the altcoin’s price trajectory.
However, profit-taking could disrupt the rally. If investors decide to sell their holdings, a correction might follow. Such a pullback could bring BNB’s price down to its support level at $721. If the price declines further, the bullish outlook would be invalidated. This would hint at a shift towards a more cautious market.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
