BNB's price experienced a significant surge, reaching an all-time high (ATH) after six months of resistance. The recent price movement marks a key turning point for the cryptocurrency, breaking through the eight-month resistance zone of $572 to $619.
The altcoin's breakout is accompanied by a surge in market activity, indicating strong investor confidence and a sustained upward trend. So far, the momentum remains intact, and BNB is expected to continue rising.
BNB Aiming for New Highs
In the past 24 hours, the price of BNB has increased by 16%, boosting positive market sentiment. This rise led to significant market liquidations, with $3 million worth of short positions being liquidated.
This rebound caught many shorts off guard, as they originally expected a pullback, but BNB broke their expectations. This momentum also caused volatility, even affecting the most optimistic traders. In fact, bullish sentiment led to $2.26 million in long liquidations, indicating that the market is currently in a state of intense price fluctuations. Liquidations show a sharp shift in market sentiment, with both shorts and super bulls caught in the market's dramatic volatility.
From a macro perspective, BNB's technical indicators reflect a solid and continuously growing trend. The Average Directional Index (ADX) is significantly above the 25.0 threshold, indicating that the current upward trend is strengthening. This technical signal reinforces the view that BNB has not only experienced a short-term rebound but is also on a path of sustained growth. With a strong trend, the cryptocurrency is expected to continue moving towards new highs.
The sustained upward momentum is also driven by market participation and investor optimism. As the ADX remains above the critical threshold, an upward trend is expected to continue in the coming weeks. This technical setup gives BNB the potential to maintain its price rise and avoid significant pullbacks, even amid market volatility.
BNB Price Prediction: Further Upside
Last month, BNB's price broke through a resistance level (from $572 to $619) that had lasted for 8 months, followed by a significant turnaround. Although it struggled at the $658 resistance level in recent weeks, the altcoin successfully broke through this resistance in the past 24 hours, triggering new bullish sentiment. The breakout marks BNB's strong upward momentum.
After the breakout, BNB reached an all-time high and is currently targeting $800 as the next resistance and support level. If this momentum continues, driven by sustained bullish interest, BNB could surge towards $800. This sets a solid foundation for the price movement of altcoins.
However, profit-taking could disrupt the upward trend. If investors decide to sell their holdings, a pullback could occur. Such a pullback could bring BNB's price down to the support level of $721. If prices continue to decline, the bullish outlook will fail. This would suggest the market is turning more cautious.