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- BNB has reached $846, marking a 5.96% increase, alongside a 96.42% surge in trading volume over the last 24 hours.
- The parabolic trend persists, and $770 has now become a key support level, driving additional bullish momentum.
- RSI above 80 signals BNB is overbought, with potential pullback expected near support levels of $700–$620.
At the time of writing, Binance Coin (BNB) is trading at $846, showing a 5.96% over the past day. The trading volume also increased by 96.42% to reach $3.75 billion. Over the past seven days, the BNB coin price has gone up by 9.39%.
Source: CoinMarketCap
BNB Strong Bullish Momentum
Alpha Crypto Signal highlighted that BNB is currently taking a parabolic direction. The coin burst out of rounding bottom pattern and this was the beginning of a vertical rush. The earlier resistance around the level of $770 has become a powerful support.
The trend implies a high degree of buyer control. Alpha remarked that BNB is implementing a clean parabolic curve. The uptrend is maintained as long as it remains above this curve. Any amount of consolidation or retracing on the curve may lead to more upside. Traders are waiting to take advantage of small downturns to get back into the market.
Source: X
Also Read: Biotech Firm Windtree Bets Big on BNB With $520M Crypto War Chest
CoinCodeCap Trading mentioned that BNB could be becoming overbought. The currency has recently acquired a new all-time high of 804 dollars. It also went higher than a falling wedge and the 200-day simple moving average. The price has gone higher than key resistance levels.
The Relative Strength Index (RSI) has, however, crossed the 80 mark. This indicates that the asset is overheated currently. CoinCodeCap had alerted about the potential short-term drop. Traders may start taking profit. Support is anticipated at close to $700 and may go as low as $620.
Source: X
Strong Volume and Interest
CoinGlass data showed that the BNB spot volume grew 324.76% to touch $3.54 billion. Open interest also increased by 36.58% to reach a total of $1.70 billion. The OI-weighted funding rate is 0.0174%. These indicators are signs of market participation and bullishness.
Source: CoinGlass
Despite the overheating indications, the trend remains strong at all times. BNB has become appealing to both derivatives and spot traders. The bullish view is still present as long as the supports hold.
Corrections in the short term are possible. But they will probably be regarded as healthy pauses and not turning points in the trend. It is recommended that traders should keenly observe key support levels. A pullback around $700 would provide an excellent entry.
The breakout of BNB has attracted attention in the crypto market. Its increasing volume and strong tech backing make it one of the most monitored assets this week. Traders are remaining vigilant on whether the momentum will be sustained or cooling-off period.
Also Read: Stellar (XLM) Set for Massive Surge as Peter Brandt Predicts $1.51 Breakout
