BNB's breakout above the falling wedge pattern signals potential for further price growth.
Rising on-chain activity and derivatives data support a bullish outlook for BNB.
A move past $722 could propel BNB toward $800, but market conditions remain volatile.
Binance Coin—BNB, has broken out above a falling wedge pattern, sparking optimism. At $712.51, BNB saw a 1.24% increase over the last day. This price move has traders excited, with $722 now the key resistance level. A sustained move above this level could push BNB toward $800. But, with market conditions still volatile, questions remain about the coin’s ability to hold this momentum.
https://twitter.com/johnmorganFL/status/1872363519800492387?t=NzHUmSADkbWKmkgdA81h_A&s=19 BNB Shows Bullish Potential
BNB’s price action has been impressive, showing steady recovery after consolidation. The breakout from the falling wedge could lead to a bullish continuation. If BNB breaks above $722, the next target will likely be $800. This move could attract more buying interest. However, if BNB struggles to hold above $722, a drop to the $649 support zone could happen. The next few sessions will be crucial in deciding if this rally can continue.
On-Chain Activity and Derivatives Data Support the Bullish Case
BNB’s on-chain activity is increasing. Active addresses have risen to 751,000, showing growing network engagement. The momentum of active addresses indicates increasing investor interest. If this trend continues, it will help support further price growth. In addition, BNB’s derivatives data adds to the bullish sentiment.
Open Interest has risen by 1.55%, reaching $829.35 million, signaling more market participation. The volume of Options has spiked by 27.84%, reflecting greater anticipation of future price movements. However, the slight decline in total volume by 0.53% suggests some caution among traders. Despite bullish price action, BNB’s development activity has slowed, with a drop in the developer score.
This may impact long-term growth. Still, short-term price movements seem unaffected. BNB’s breakout above the falling wedge pattern is promising. If BNB breaks past $722, a climb to $800 could follow. However, traders must stay alert for signs of weakness as resistance levels remain a challenge.
The post BNB Rally Gains Momentum: Is $800 the Next Target? appeared first on Crypto News Land.
