- The stochastic RSI indicates a slight bullish crossover, indicating potential upside momentum.
- BNB was trading above a key support level at the time of writing.
Binance coin [BNB] has experienced a price increase over the past 24 hours, positioning its value at $505 at the time of writing.
Despite this daily increase, BNB has seen a decline of 2.74% over the past week according to the latest data CoinMarketCap. The coin’s market capitalization currently stands at $73.47 billion, up 2.02%. Trading volume has taken a significant hit of 27.29%, falling to $1.33 billion in the last 24 hours.
The current support level for BNB is around $462.6, which has historically proven to be a crucial level. This level has served as a key support zone for BNB during multiple market corrections, preventing further downside moves.
BNB traded above this key support level. The bullish momentum is starting to keep pace with the $555.4 level on the horizon.
However, if the price falls below this threshold, it could lead to additional selling pressure and deeper market corrections.
Source: Tradingview
BNB whales are holding strong
Whale activity has increased steadily since July 15. The percentage of the total supply held by wallets with more than $5 million is 54.
This suggests that larger investors are still holding their positions, reflecting confidence in the market.
The accumulation of whales at this level could provide price support as major sell-offs are unlikely, indicating potential near-term stability.
Source: Santiment
BNB development activity is increasing
According to data from Santiment, development activity around BNB has also increased.
This spike is a positive sign, as increased development often leads to greater investor confidence and long-term growth prospects.
bnb
Source: Santiment
The stochastic RSI indicates bullish momentum
The stochastic RSI indicates a slight bullish crossover, indicating potential near-term upside momentum.
In most cases, these crossovers indicate upcoming rallies, especially when combined with Binance coins trading above critical support levels.
Moreover, the current chart pattern indicates a consolidation phase after a strong upward wave.
Read Binance Coin’s [BNB] Price forecast 2024–2025
This indicates a possible impending outbreak, especially given the continued support of whale accumulation and development activities.
If BNB’s bullish momentum accumulation continues above the $462.6 support, BNB price could rise to retest the resistance levels around $555.4 and ultimately target $634.1 in the coming quarters.
