TLDR

NB price stabilizes at critical $615 support level after 7% pullback

Whale addresses now control 52.1% of total BNB supply

$2.75M liquidation pool concentrated at $632.47 level

Social media mentions of BNB showing steady increase since November 3

Multiple tests of $615 support level suggest strong buyer interest

Recent market data reveals a notable convergence of technical and on-chain signals for BNB, as the cryptocurrency maintains its position above the $615 support level despite recent market volatility. The latest analysis shows increasing accumulation by large holders, even as the price experiences a period of consolidation.

The cryptocurrency has demonstrated resilience at the $615 price point, bouncing multiple times from this level in recent trading sessions. This price action comes after a 7% correction from previous highs, suggesting strong buying interest at current levels.

Data from blockchain analytics platform Santiment indicates a marked increase in whale activity, with addresses holding over 5 million BNB now controlling 52.1% of the total supply.

This concentration of holdings among large investors represents a substantial increase from previous periods and could indicate growing confidence among institutional players.

Market observers note the formation of a substantial liquidation pool at the $632.47 price level, currently valued at $2.75 million. This concentration of leveraged positions often acts as a price magnet, potentially influencing future price movements as traders navigate around this key level.

BNB Price on CoinGecko

Social media metrics show an uptick in BNB-related discussions since November 3, 2024. The increasing social volume typically correlates with heightened market interest and could precede larger price movements, according to historical patterns.

Technical analysis of the daily chart reveals multiple tests of the $615 support level, with buyers consistently stepping in to defend this price point. This behavior has created a clear technical structure that traders are closely monitoring for potential breakout signals.

The recent price action has established clear support and resistance zones. While $615 serves as immediate support, the next major support level lies at $551.5, should the current level fail to hold. On the upside, $632.47 represents the first major resistance, followed by the yearly high of $724.7.

Trading volume patterns show consistent buyer interest at the $615 level, though the recent 7% pullback suggests some profit-taking activity among short-term holders. This dynamic creates an interesting market structure where both bullish and bearish scenarios remain viable.

The concentration of whale holdings has created an interesting market dynamic. Historical data suggests that periods of increased whale accumulation often precede sustained price movements, though the direction of such movements can vary based on market conditions.

Market makers have positioned themselves around the $632.47 level, as evidenced by the size of the liquidation pool. This clustering of positions could lead to increased volatility as the price approaches this zone.

Looking at on-chain metrics, wallet analysis shows a steady increase in addresses holding large amounts of BNB. This accumulation pattern has continued despite the recent price correction, suggesting confidence in the asset’s current valuation.

The technical setup presents several key levels for traders to watch. The immediate challenge for bulls lies in overcoming the $632.47 resistance, while bears will likely test buyer resolve at the $615 support level.

Daily trading patterns show decreasing volatility as the price consolidates around current levels. This compression in price action often precedes larger moves, though the direction remains uncertain based on current market structure.

The presence of a large liquidation pool adds an element of risk to current market conditions. Sharp price movements could trigger a cascade of liquidations, potentially amplifying price action in either direction.

Recent trading sessions have shown declining volume, typical of consolidation periods. The $615 level continues to attract buying interest, with multiple small bounces reinforcing its importance as a technical support level.

The post BNB Price Analysis: Whale Addresses Control 52% of Token Supply as Price Tests Support appeared first on Blockonomi.

Most of the coins are turning to red, according to CoinStats.

BNB/USD

The rate of Binance Coin (BNB) has dropped by 1% over the last day.

On the hourly chart, the price of BNB is coming back to the local support of $605.84. If nothing changes by the end of the day, traders may witness a test of the $605 mark by tomorrow.

On the bigger time frame, the situation is rather more bearish than bullish. As the the rate is far from key levels, one should focus on the vital zone of $600.

card

If it breaks out, the correction is likely to continue to the $580-$590 range.

From the midterm point of view, none of the sides has seized the initiative so far. In this case, there are low chances to see any sharp moves soon. All in all, the consolidation around the $600 area is the more likely scenario by the end of the month.

BNB is trading at $610.95 at press time.

On Nov 20, 2024, 14:09 PM(UTC). According to Binance Market Data, BNB has crossed the 620 USDT benchmark and is now trading at 620.119995 USDT, with a narrowed 0.95% increase in 24 hours.

BNB price has formed an extremely rare pattern that could push its price to $1,200 in the coming months. Binance Coin was trading at $616 on Tuesday, November 19, up by 240% from the year-to-date low, bringing its market cap to over $88 billion.

BNB Price Analysis As A Cup And Handle Pattern Forms

Binance Coin, which is the native token for the BNB Smart Chain, has formed a cup and handle pattern on the weekly chart.

This pattern is characterized by a rounded bottom and some consolidation or a pullback at the upper side. It started to form in November 2021 when the coin rallied to a high of $665 and then pulled back to $200 in 2022 and 2023.

BNB price then rebounded and retested the 2021 high earlier this year, completing the formation of the cup. It has been forming the handle section since then.

In August, it formed a doji pattern, which partially explains why the coin has rebounded to $665. Therefore, a clean break above the upper side of the cup could point to more gains, potentially to $1,200.

This target is established by measuring the distance between the upper and lower side of the cup. In most periods, an asset breaks out and rises a similar distance from the upper side of the cup.

The challenge for using the cup and handle pattern in trading is that it takes a long time to completely work out. In BNB’s case, the cup section took over three years to form, and the handle is in its eighth month.

BNB price has other positive technicals. It has constantly remained above the 59-week moving average and is sitting at the strong pivot release of the Murrey Math Lines tool. Using the MML, the next potential target will be the extreme overshoot level at $875.

Binance Coin’s MVRV indicator has jumped to 2.7, meaning that it has more room to run in the coming months.

The bullish Binance Coin price forecast will become invalid if it drops below $402, the lower side of the doji. If that happens, it will invalidate the cup and handle pattern and point to more downside, potentially to $204.

Binance Coin Has Bullish Fundamentals

The BNB price has more fundamentals that could help push its price higher in the long term. Like other coins, it will benefit from a friendly regulatory environment in the upcoming Donald Trump administration. Because of its size and liquidity, a potential BNB ETF cannot be ruled out as soon as in 2025.

Meanwhile, the network is doing well as the DEX volume jumped by over 49% in the past seven days to $11.9 billion. Its DEX networks have handled tokens worth over $1.09 trillion since its inception. The number of unique addresses in the network has jumped to over 489 million.

BNB has also continued to burn tokens, making the remaining coins more valuable. The network implemented its 29th token burn earlier this month.

Frequently Asked Questions (FAQs)

BNB coin needs to rise by 94% to get to the target of 1,200%. Such a big move is possible in the crypto industry since the coin has already jumped by 214% from its lowest point this year.

First, it needs a conducive crypto environment to get to $1,200 in the coming months. Second, it needs to clear the upper side of the cup and handle pattern. Finally, it will need to rise above the key resistance level at $1,000.

The key level to watch will be at $402, the lower side of the handle section. A drop below that level will invalidate the bullish view and point to more losses.

✓ Share:

curly

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link

<p>The post This Rare Pattern Could Propel BNB Price To $1,200 first appeared on CoinBuzzFeed.</p>

A new week has started with ongoing bulls' dominance, according to CoinMarketCap.

SOL/USD

The rate of Solana (SOL) has risen by 3.82% over the last 24 hours.

Despite today's growth, the price of SOL has not yet fixed above yesterday's peak. Thus, if today's bar closes with a long wick, bears may seize the initiative, which may lead to a correction to the $225-$230 range.

SOL is trading at $243.32 at press time.

BNB/USD

Unlike SOL, the price of Binance Coin (BNB) has dropped by 0.67% since yesterday.

On the daily chart, the rate of BNB keeps accumulating energy for a further move. The absence of buyers and sellers' energy is confirmed by the declining volume.

card

In this case, sideways trading in the area of $610-$650 is the more likely scenario.

BNB is trading at $620.77 at press time.