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- With strong and bullish price action, BNB could rise 15% to reach the $775 level.
- Traders were over-indebted at the $656.3 and $683.3 levels.
Binance coin [BNB]the world’s fifth largest cryptocurrency, has made a strong comeback by breaking the bullish price action pattern and holding its position to avoid being overtaken by Ripple. [XRP].
During the early morning Asian trading hours, the market caps of both altcoins became very close in value, almost equal.
With strong bullish sentiment in the cryptocurrency landscape, BNB has started to rally, shifting its outlook towards bullish.
Currently, positive price action, increased trader participation and recent election results are driving BNB’s rally and will support the upcoming rally.
BNB: Important levels to watch
According to AMBCrypto’s technical analysis, BNB has successfully broken out of the bullish flag and pole price action pattern. At the time of writing, the price was on its way to its all-time high.
BNB’s bullish breakout occurred near a strong resistance level at $665, which was surpassed during the recent price surge.
Source: TradingView
Based on historical momentum, if BNB closes a daily candle above the $670 level, there is a high possibility that the price could rise 15% to reach the $775 level in the coming days.
At the time of writing, the asset was trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Moreover, another technical indicator, the Relative Strength Index (RSI), suggested that BNB still has significant room for further growth in the coming days.
Bullish statistics in the chain
In addition to the technical analysis, BNB’s on-chain metrics further support its bullish outlook. Recent data shows that traders are actively participating, leading to a significant increase in Open Interest (OI).
Source: Coinglass
According to on-chain analytics firm Coinglass, BNB’s OI is up 11.25% in the last four hours and 3.64% in the last hour.
This growing OI indicated increased interest from traders and the construction of new positions during this period.
AMBCrypto’s research into traders’ positions showed that, according to the BNB’s liquidation map, traders were over-indebted at the $656.3 and $683.3 levels at the time of writing.
Read Binance Coin’s [BNB] Price forecast 2024–2025
Current price momentum
At the time of writing it is BNB was trading around $673 and has posted a gain of over 7.5% in the past 24 hours. Trading volume increased by 7.5% over the same period.
This reflected increased participation from traders and investors amid the bullish outlook for altcoins.