In the past 24 hours, boosted by buying power, the price of Binance Coin [BNB] has risen by 5.21% compared to the previous trading day's closing price. However, at the beginning of this week, the currency pair experienced a decline of 3.46%, which somewhat dragged down its performance.
Underpinned by positive market sentiment, the BNB asset still holds significant potential for further ascent.
From a technical perspective, BNB is currently in a bullish symmetrical triangle pattern, which is often seen as a consolidation phase dominated by buying. This pattern is characterized by price fluctuations between converging support and resistance lines.
If this trend continues, BNB will return to its previous historical high of $793.86 and may approach the $800 area. However, the asset will encounter a significant resistance zone at $705.06, which may temporarily halt its upward momentum.
In the past 24 hours, the price of BNB has surged significantly, nearing a breakout of this pattern, which has pushed its market capitalization up by 5.25% to $99.59 billion. Trading volume has also surged by 29.39%, reaching $1.6 billion.
The market tends to favor rising prices, with the number of liquidated short contracts exceeding that of long contracts.
In a total liquidation of $1.03 million, short contracts valued at $578,680 were forcibly closed, while the value of long contracts liquidated in the past 24 hours amounted to $447,480.
Additionally, long contracts in the market have also increased significantly. The long-to-short ratio (the ratio of long contracts to short contracts) is currently above 1.
The rate stands at 1.0202, indicating that more traders are betting on the rise of BNB prices. This shift is reflected in the asset's price increase and the growing losses of short positions, as indicated by liquidation data.
After a period of continuous decline, open interest (an indicator of unsettled derivative contracts in the market) has started to rise, increasing by 0.57% to approximately $817.75 million.
This shift indicates that more contracts are being opened in the market. Combined with the recent surge in trading volume and prices, this suggests that bullish sentiment is more likely to drive these new positions.
Given the overall market sentiment, BNB remains bullish and is expected to reach new price levels in the coming trading days.