By Nermeen Nabil Khear 
TLDR
- BNB price recovered from $550 support, rising above $585 resistance
- Trading volume dropped 15% to $1.79 billion with market cap increasing 5.7% to $85.7 billion
- $1.01 million worth of BNB trades were liquidated in 24 hours
- Technical indicators show bullish trend line forming with resistance at $606
- BNB currently trading at $598, up 5% in last 24 hours with potential targets of $633 or $550
Binance Coin (BNB) has shown a fresh increase in price, moving above the $585 resistance zone after finding support near $550. The cryptocurrency is currently trading at around $598, marking a 5% increase in the last 24 hours.
The price recovery began after BNB formed a base above the $550 level. It then moved past several resistance levels at $565 and $570. This upward momentum allowed BNB to outperform both Ethereum and Bitcoin during this period.
Technical analysis shows a connecting bullish trend line forming with support at $600 on the hourly chart. However, sellers appear active near the $605 and $606 levels, creating resistance for further upward movement.
BNB Price
The price is now trading above the 100-hourly simple moving average. This position suggests a possible continuation of the bullish trend if BNB can maintain its stance above key support levels.
Market data indicates that BNB’s trading volume has decreased by 15% in the past 24 hours. The total volume now stands at $1.79 billion, showing reduced trading activity despite the price increase.
The cryptocurrency’s market capitalization has grown by 5.7% to reach $85.7 billion. This growth in market cap alongside the price increase demonstrates broader market confidence in BNB.
Liquidation data reveals that approximately $1.01 million worth of BNB trades were settled in the past day. Of this amount, $414,000 came from buyers closing long positions, while sellers closed about $598,000 worth of positions.
The open interest for BNB has dropped to $678 million. This represents a 1.9% decrease from the previous day, indicating a slight reduction in market demand for the cryptocurrency.
The funding rate for BNB is currently negative at 0.018%. This metric suggests a slight bearish sentiment in the futures market, with more traders paying to hold short positions.
The ratio of long to short positions stands at 0.9. This figure shows that more traders (approximately 53%) are betting on a price decline rather than an increase in the near term.
The Relative Strength Index (RSI) for BNB is at 63. This reading places it within the buying zone, suggesting that there could still be buying pressure despite other bearish signals.
If BNB fails to clear the $606 resistance level, it might begin another downward movement. The initial support in this scenario would be near $600, followed by major support at $595 and $588.
A break below the $588 support could potentially trigger a larger decline. In such a case, the price might drop toward $570 or even $565 if selling pressure continues to build.
On the upside, if BNB breaks through the $606 resistance, the next target would be near $616. Above that level, there’s potential for testing the $635 mark, representing a key resistance zone.
The Fear & Greed Index for BNB stands at 20, signaling extreme fear in the market. This sentiment indicator suggests caution among investors despite the recent price recovery.
In the past 30 days, BNB has recorded 16 green days out of 30, representing a 53% positive performance rate. The price volatility during this period was measured at 5.65%.
Based on the current technical setup, traders should watch the $600 support level closely. Maintaining price above this threshold will be crucial for BNB to continue its upward movement in the coming days.
The post Binance Coin (BNB) Price: Bulls Battle Bears at Crucial $600 Threshold appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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