- After a 13% jump, BNB is now hovering around $1,288.
- Daily trading volume has surged by more than 55%.
The 4.57% bullish gain across the crypto market has pushed the asset’s prices up, entering the green zone. With the Fear and Greed Index reading at 40, the market is in the neutral zone. Following suit, the largest assets, like Bitcoin (BTC) and Ethereum (ETH), have chosen to trade on the upside.
Meanwhile, BNB, the native token of the Binance ecosystem, has posted a jump of over 13.86%. Before the bullish encounter, the asset traded at the bottom range of $1,147, and gradually the price rose to a high of $1,319. To confirm the positive outlook, BNB has broken the resistance zones between $1,152 and $1,314.
At the time of writing, BNB traded at around the $1,288.72 level, with its market cap reaching $180.26 billion. Besides, the asset’s daily trading volume has surged by over 55.52% to the $10.72 billion mark. As per the Coinglass data , the market has experienced a liquidation of $23.48 million worth of BNB in the last 24 hours.
Could BNB Continue its Climb, or Is Resistance Near?
Assuming the uptrend gains enough strength, the price might move up to the crucial resistance at around $1,296. Further upside correction of the asset could initiate the golden cross to take place, and the bulls may send the BNB price toward a high of $1,304 or higher.
Conversely, if the red candles lit up, the asset could fall immediately to the support range at $1,280. An extended bearish correction might trigger the emergence of the death cross, driving the price of BNB to its former low at $1,272, or it may go steeply lower.
BNB’s Moving Average Convergence Divergence (MACD) line being above the zero line shows the momentum is leaning positive. The signal line is below zero and on the verge of crossing above, indicating a confirmation of a stronger uptrend if the move continues.
BNB chart (Source: TradingView )
In addition, the asset’s Chaikin Money Flow (CMF) indicator stays at 0.23, suggesting strong buying pressure in the market. The traders are actively accumulating, the money is flowing into the asset — a bullish signal showing confidence among buyers.
Moreover, the daily Relative Strength Index (RSI) found at 61.29 implies moderate bullish momentum. The asset is showing strong momentum and could move into overbought territory , leaving potential for more gains. BNB’s Bull Bear Power (BBP) value of 101.27 signals a strong bullish dominance in the market. The bigger the positive number, the stronger the buying pressure. It shows that the buyers are actively pushing the price higher.
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