BNBs Strong Rally Faces Key TestBreakout Could Send It to $980
- BNB surgd 16% this wk, rching $670 nd surpssing Soln to bcom th fifth-lrgst cryptocurrncy.
- Trding volum hit $5.13 billion, up from $1.86 billion, mrking th highst sinc rly Dcmbr.
- Anlyst CRYPTOWZRD ss brkout trgting $760, with bullish momntum potntilly pushing it towrd $980.
Binance coin (BNB) is mking wvs in th crypto mrkt, surging nrly 16% this wk to trd round $670 on Fridy. This rlly hs proplld BNBs mrkt cpitliztion pst Soln (SOL), scuring its plc s th fifth-lrgst cryptocurrncy, ccording to Coinmrktcp.
On-chin dt signls bullish trnd, with its trding volum rching ovr $5 billionup from $1.86 billion on Mondy. This mrks th highst trding volum sinc rly Dcmbr. Additionlly, Coinglss dt rvls tht coins long-to-short rtio hs climbd to 1.13, th highst in ovr month. This suggsts growing optimism mong trdrs, s mor invstors r btting on BNBs pric incrsing.
Anlysts r now closly wtching whthr BNB cn brk bov ky rsistnc lvl, which could triggr nothr wv of gins. If succssful, this brkout could snd prics soring to nw highs in th coming wks.
BNB Tests Upper Wedge Boundary
A post from nlyst CRYPTOWZRD on X (formrly Twittr) on Fbrury 14 notd tht BNB is tsting th uppr trndlin of widning wedge pattern. This formtion, chrctrizd by incrsing pric swings, indicts rising mrkt voltility.
According to th nlyst, this pttrn suggsts tht brkout could sprk lrgr rlly, initilly trgting $760. If bullish momntum continus, Binance coin could push vn highr towrd $980, 46% incrs from th currnt pric. This hs trdrs xcitd bout th potntil upsid in th nr trm.
BNB rcntly bouncd off th lowr boundry of th wdg, signling strong buying intrst. Now, s it pprochs ky rsistnc, ll ys r on whthr th pric cn brk through. If it dos, rpid pric pprcition could follow.
Howvr, filur to surpss this brrir could rsult in pullbck. Th first support lvl to wtch is round $665, followd by $650. If furthr dclins occur, th min support t $635 will b criticl. A brk blow this lvl could snd th coin down to $620 or vn $600.
Technical Indicators Show Growing Strength
BNBs tchnicl indictors suggst cutious optimism. Th Kltnr Chnnl indictor highlights strong rcovry from prvious dips, though rsistnc t th uppr rng my slow furthr upwrd momntum.
Th Rltiv Strngth Indx (RSI) stnds t 54.74, signling nutrl trnd for BNB. With th indictor blow th ovrbought thrshold, th pric rtins room for furthr upsid. Th Moving Avrg Convrgnc Divrgnc (MACD) indictor points to incrsing bullish momntum. Th MACD lin hs crossd bov th signl lin, with grn histogrm brs ppringboth signs of strngthning buying prssur.
Whil short-trm voltility rmins possibility, th ovrll outlook for Binnc coin rmins bullish. If mrkt conditions continu to fvor upsid movmnt, BNB could xtnd its rlly byond currnt lvls, potntilly rching nw highs in th nr futur.
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Text source: TronWeekly
