BNB Tests $491 Resistance; Potential Long-Term Uptrend Ahead
The Essentials in Brief
The cryptocurrency Binance Coin (BNB) is showing an impressive upward movement and is currently testing the significant resistance level of $491. After a rise of 10.45% within 24 hours, the question now arises whether BNB has the potential to break through this resistance and confirm a long-term uptrend. The current market data and analyses provide information about the possible future of BNB.
The Battle for the $491 Mark
BNB has recently experienced a significant price increase and now faces the challenge of overcoming the resistance level of $491. This threshold is crucial as a breakthrough could be a strong signal for further growth. Current indicators, such as the stochastic RSI, suggest a possible bullish turn, which strengthens the hopes for a continuation of the uptrend.
Liquidation Landscape and Netflow Data
The analysis of the liquidation data shows that significant liquidation points have formed around certain price levels, indicating increased volatility when reaching these key marks. In particular, a liquidation pool of $584,000 at $472 could trigger a corrective price movement in the short term.
Interestingly, the netflow data of the exchanges indicate extensive outflows, suggesting that investors tend to withdraw their BNB holdings from the exchanges and store them in private wallets. This behaviour is typical for a bullish sentiment, as it reduces selling pressure on the exchanges.
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Our Assessment
Although the current trends and data for BNB look promising, breaking through the $491 mark is crucial to confirm a sustainable uptrend. A successful breakout could result in further gains and pave the way for a return to previous highs. However, should BNB fail at this resistance, there could be a consolidation or a short-term pullback. In any case, investors should closely monitor market developments and adjust their strategies accordingly.
Sources: Coinglass, AMBCrypto
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| Symbol | BNB |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
|
| Cons |
|
| Price | $663.66 |
| 24h % | 1.16 % |
| 7d % | -6.62 % |
| 30d % | 6.36 % |
| 60d % | 11.58 % |
| 1y % | 142.61 % |
| Market Cap | $96,819,308,472.00 |
| Max. Supply | 200,000,000.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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