15% Down’ – How BNB Can Record Its Next ATH Price
Contributor
- Binance Coin retested a key support level at $593
- Metrics seemed to point to a possible price surge on the charts
Binance Coin (BNB) price consolidated in a symmetrical triangle after March 31 before breaking out on May 24. The price then rose 22.44% to reach its all-time high before declining and retesting the $593 support level. This decline makes it worth watching to see when bullish momentum is likely to return to the altcoin market.
At the time of writing, the cryptocurrency was valued at over $608, almost 15% below its recent ATH.
With BNB’s market cap just below its peak at under $90 billion, the altcoin’s charts showed that the 50- and 100-day exponential moving averages were hovering around the support levels of $607.5 and $563.2, respectively.
Still, it is worth looking at the altcoin’s charts with caution. With BNB trading above its support levels, the altcoin’s indicators could be crucial. The Stochastic RSI, for example, had a reading of 6.10 – a sign that BNB could be in an oversold zone and vulnerable to a likely price reversal before any major price increases.
Source: BNB/USD, TradingView
Will whale activity and social volume accelerate the rise?
Whale activity on Santiment revealed a positive uptrend on the charts. The percentage of stablecoins held by whales with more than $5 million has been steadily increasing. This means that large investors are positioning themselves for a possible bullish rally.
In addition, BNB’s social volume has also increased significantly, in line with market interests.
The correlation between rising social media mentions and price movements underscored its bullish bias in the market. A larger number of mentions usually precedes significant price movements, be it positive or negative.
Source: Santiment
The long/short ratio data from Coinglass recorded several bullish spikes recently, suggesting that the longs are winning the battle against the shorts.
Source: Coinglass
BNB price is currently at a crucial point. Due to the increasing bullish momentum reinforced by increasing social volumes and rising whale activity recently, Binance Coin could be on the verge of rising to higher price levels.
However, if BNB builds enough bearish pressure and closes below the resistance zone, a price drop could be imminent.
