BNB surges 16% in 24 hours, triggering $5.26M in liquidations
ADX indicates strong uptrend momentum above 25.0 threshold
Price targets $800 after breaking resistance zone of $572-$619
Binance Coin (BNB) has achieved a significant technical breakthrough, breaking free from an eight-month resistance zone to establish a new all-time high. The 16% price surge in the last 24 hours has created substantial market movement, liquidating both bearish and bullish positions.
BNB Market Impact and Liquidations
The rally’s intensity is reflected in the liquidation data, with $3 million in short positions and $2.26 million in long positions being cleared. This bilateral liquidation pattern indicates exceptional volatility and a rapid shift in market dynamics that caught both sides off guard.
Source: Coinglass
The Average Directional Index (ADX) provides technical validation of the breakout’s strength, reading above the critical 25.0 threshold. This technical signal suggests the current uptrend has substantial momentum behind it, supporting the potential for continued price appreciation.
Having cleared the stubborn resistance zone between $572 and $619, BNB now targets the $800 level as its next significant milestone. However, potential profit-taking could trigger a pullback to $721 support. Breaking below this level would invalidate the bullish outlook and suggest a trend reversal.
The convergence of strong technical indicators and increased market participation suggests continued upside potential, though traders should remain mindful of profit-taking risks at these elevated price levels.
