BNB price has experienced a massive surge, setting a new all-time high (THR) after six months of resistance. The recent price action marks a significant shift for the crypto, breaking through the eight-month-long resistance zone between $572 and $619.
The altcoin’s breakout was accompanied by a surge in market activity, indicating strong investor confidence and a continued uptrend. As of now, the momentum remains intact and BNB is expected to continue to rise.
BNB Aims for New Highs
The market sentiment around BNB is extremely positive, driven by a 16% price increase in the past 24 hours. This rise has led to massive market liquidations, with $3 million worth of short positions being liquidated.
This rebound caught many bears off guard, as they originally anticipated a pullback, but BNB disappointed these expectations. This momentum has also caused volatility, even affecting the most optimistic traders. In fact, bullish sentiment has led to $2.26 million in long liquidations, indicating that the market is currently in a state of intense price movements. Liquidations suggest a sharp shift in market sentiment, with both bears and super bulls caught in the market's violent fluctuations.
From a macro perspective, BNB's technical indicators reflect a robust and 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 is not only experiencing a short-term rebound but is also on a path of sustained growth. With a strong trend, the cryptocurrency is well-positioned to continue pushing towards new highs.
The increased market participation and investor optimism also support the ongoing upward momentum. With the ADX indicator still above the critical threshold, the strength of the upward trend is expected to be maintained in the coming weeks. This technical setup allows for BNB to potentially sustain price increases even amid market volatility and avoid significant pullbacks.
BNB Price Prediction: Further Upside
The price of BNB underwent a significant change last month after breaking through the 8-month resistance level between $572 and $619. Despite struggling at the resistance level of $658 in recent weeks, the altcoin successfully broke through this resistance in the past 24 hours, sparking new bullish sentiment. This breakout marks the strong upward momentum of BNB.
After the breakout, BNB reached a new all-time high, with the current target being $800 as the next resistance and support level. If this momentum continues, driven by sustained bullish interest, the price could rise to $800. This sets a positive outlook for the price trajectory of altcoins.
However, profit-taking could disrupt the upward momentum. If investors decide to sell their holdings, a correction may occur. This pullback could bring BNB's price down to the support level of $721. If the price drops further, the bullish outlook will be invalidated. This would indicate a shift in the market towards a more cautious stance.
